003 · Benchmarks
Texas County & District.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| U.S. Equities | Public Equity | 13% | — | DJ US Total Stock MarketDow Jones U.S. Total Stock Market Index |
| Global Equities | Public Equity | 4% | — | MSCI WorldMSCI World (net) Index |
| Intl Equities - Developed Markets | Public Equity | 6% | — | — |
| Intl Equities - Emerging Markets | Public Equity | 0% | — | — |
| Investment-grade Bonds | Fixed Income | 3% | — | Bloomberg US Aggregate BondBloomberg US Aggregate Bond Index |
| Strategic Credit | Fixed Income | 9% | — | FTSE High-Yield Cash-PayFTSE High-Yield Cash-Pay Index |
| Direct Lending | Private Credit / Debt | 16% | — | Morningstar LSTA US Leveraged Loan USDMorningstar LSTA US Leveraged Loan TR USD Index |
| Distressed Debt | Private Credit / Debt | 4% | — | Cambridge Distressed SecuritiesCambridge Associates Distressed Securities Index |
| TIPS | Fixed Income | 0% | — | Bloomberg US 10 Year Breakeven InflationBloomberg US 10 Year Breakeven Inflation Index |
| REIT Equities | Real Estate | 1% | — | 67% FTSE NAREIT All Equity REITs +33% S&P Global REIT67% FTSE NAREIT All Equity REITs Index +33% S&P Global REIT (net) Index |
| Gold | Real Assets / Infrastructure | 3% | — | Bloomberg Gold Subindex |
| Commodities | Real Assets / Infrastructure | 1% | — | Bloomberg CommoditiesBloomberg Commodities Index |
| Master Limited Partnerships | Multi-Asset / Other | 1% | — | Alerian MLPAlerian MLP Index |
| Private Real Estate Partnerships | Real Estate | 6% | — | Cambridge Real EstateCambridge Associates Real Estate Index |
| Private Equity | Private Equity | 25% | — | Cambridge Global Private Equity & Venture CapitalCambridge Associates Global Private Equity & Venture Capital Index |
| Hedge Funds | Hedge Funds / Absolute Return | 6% | — | HFR, Inc. (HFRI) Fund of Funds CompositeHFR, Inc. (HFRI) Fund of Funds Composite Index |
| Cash Equivalents | Cash | 2% | — | 90-Day US Treasury90-day US Treasury |
| Intl Equities – Developed Markets | Public Equity | — | — | MSCI World ex USAMSCI World ex USA (net) Index |
| Intl Equities – Emerging Markets | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Markets (net) Index |