003 · Benchmarks
San Diego City ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Public Equity | Public Equity | 38% | 33–43% | MSCI ACWI IMIMSCI All Country World Investable Market Index |
| Return-Seeking Fixed Income | Fixed Income | 5% | 2–8% | 33.3% ICE BofA US High Yield Master II Constrained / 33.3% S&P UBS Leveraged Loan / 33.3% Emerging Market Debt Blend33.3% ICE BofAML US High Yield Master II Constrained Index / 33.3% S&P UBS Leveraged Loan Index / 33.3% Emerging Market Debt Blend |
| Real Estate | Real Estate | 10% | 5–15% | NCREIF Fund – Open End Diversified Core Equity (NCREIF ODCE) + 0.5%NCREIF Fund Index – Open End Diversified Core Equity Index (NFI-ODCE) + 50 bps |
| Infrastructure | Real Assets / Infrastructure | 5% | 0–10% | Primary: CPI + 5%; Secondary: FTSE Developed Core Infrastructure 50/50 + 2%Primary: CPI + 500 bps; Secondary: FTSE Developed Core Infrastructure 50/50 Index + 200 bps |
| Private Equity | Private Equity | 10% | 5–15% | Primary: Cambridge Private Equity and Venture Capital ; Secondary: MSCI ACWI IMI + 3%Primary: Cambridge Private Equity and Venture Capital Index; Secondary: MSCI All Country World Investable Market Index + 300 bps |
| Private Debt | Private Credit / Debt | 5% | 0–10% | S&P UBS Leveraged Loan + 2%S&P UBS Leveraged Loan Index + 200 bps |
| Diversifying | Hedge Funds / Absolute Return | 5% | 0–10% | Weighted average of underlying strategy benchmarks |
| Opportunity Fund | Multi-Asset / Other | 0% | 0–5% | Primary: Total Fund Policy benchmark; Secondary: Weighted average of underlying strategy benchmarks |
| U.S. Fixed Income | Fixed Income | 22% | 19–25% | Bloomberg Aggregate BondBloomberg Aggregate Bond Index |