003 · Benchmarks
Phoenix ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| U.S. Equity | Public Equity | 16% | 11–21% | Russell 3000 |
| Developed Market Equity (non-U.S.) | Public Equity | 9% | 4–14% | MSCI EAFE |
| Public Emerging Market Equity | Public Equity | 8% | 3–13% | MSCI Emerging Markets |
| Private Equity | Private Equity | 9% | 4–14% | Russell 3000 + 2%Russell 3000 + 2%, 1Q Lag |
| High Yield Bonds | Fixed Income | 5% | 0–10% | Bloomberg High Yield |
| Bank Loans | Fixed Income | 3% | 0–6% | Morningstar LSTA Leveraged LoansMorningstar LSTA Leveraged Loans Index |
| Emerging Market Bonds | Fixed Income | 3% | 0–6% | JPM EMBI Global Diversified |
| Private Debt | Private Credit / Debt | 10% | 5–15% | CS Levered Loan +2%CS Levered Loan +2%, 1Q Lag |
| TIPS | Fixed Income | 6% | 1–11% | Bloomberg US TIPSBloomberg U.S. TIPS |
| Real Estate | Real Estate | 12% | 7–17% | NCREIF ODCE |
| Infrastructure | Real Assets / Infrastructure | 4% | 0–8% | CPI + 3% (Seasonally Adjusted)CPI + 3% (Seasonally Adjusted) 1Q Lag |
| Natural Resources | Real Assets / Infrastructure | 4% | 0–8% | S&P Global Natural ResourcesS&P Global Natural Resources, 1Q Lag |
| Short Duration Bonds | Fixed Income | 6% | 1–11% | Bloomberg US Govt/Credit 1-3 YrBloomberg U.S. Govt/Credit 1-3 Yr |
| Risk Mitigating Strategies | Multi-Asset / Other | 5% | 0–10% | 50% SG Trend / 50% CBOE Long Volatility |
| Cash | Cash | 0% | 0–5% | — |