003 · Benchmarks
San Francisco City & County ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Growth/Capital Appreciation | Multi-Asset / Other | 52% | 45–70% | — |
| Public Equity | Public Equity | 32% | 20–45% | MSCI ACWI IMIMSCI ACWI Investable Market Index ($, ND) |
| Private Equity | Private Equity | 20% | 15–30% | 75% Russell 3000 / 25% MSCI ACWI ex-US IMI + 3%75% Russell 3000 / 25% MSCI ACWI ex-US Investable Market Index ($, ND) + 300 bps |
| Diversifying Assets | Hedge Funds / Absolute Return | 20% | 15–30% | — |
| Real Assets | Real Assets / Infrastructure | 10% | 8–15% | 70% NCREIF ODCE for Core and Cambridge Real Estate for Non-Core / 20% Cambridge Infrastructure / 10% Cambridge Natural Resources70% NCREIF ODCE for Core and Cambridge Associates Real Estate for Non-Core / 20% Cambridge Associates Infrastructure / 10% Cambridge Associates Natural Resources |
| Absolute Return | Hedge Funds / Absolute Return | 10% | 5–15% | 90-Day T-Bill + 3%90 Day U.S. T-Bill + 3% |
| Income/Capital Preservation | Multi-Asset / Other | 31% | 11–45% | — |
| Public Credit | Fixed Income | 12% | 3–15% | 50% Bloomberg US Corporate Bond / 50% Bloomberg US Corporate High Yield50% Bloomberg US Corporate Bond Index / 50% Bloomberg US Corporate High Yield Index |
| Private Credit | Private Credit / Debt | 10% | 5–15% | 50% Credit Suisse Leveraged Loan / 50% BofA ML US High Yield BB-B Constrained + 1.5%50% Credit Suisse Leveraged Loan Index / 50% BofA ML US HY BB-B constrained + 150 bps |
| U.S. Treasuries | Fixed Income | 8% | 3–12% | Bloomberg Intermediate US TreasuryBloomberg Barclays Intermediate U.S. Treasury Index |
| Cash | Cash | 1% | 0–5% | 1-Month Overnight Funding Rate (SOFR) |
| Leverage | Multi-Asset / Other | — | -5%-0% | 1-Month Overnight Funding Rate (SOFR) + 0.35%1-Month Overnight Funding Rate (SOFR) + 35 bps |