003 · Benchmarks
Texas Teachers.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Global Equity | Public Equity | 57% | 50–64% | — |
| Stable Value | Multi-Asset / Other | 21% | 14–28% | — |
| Real Return | Real Assets / Infrastructure | 21% | 14–28% | — |
| Risk Parity | Hedge Funds / Absolute Return | 5% | 0–10% | HFR Risk Parity Vol 12 Institutional (HFRPV12I)HFR Risk Parity Vol 12 Institutional Index (HFRPV12I) |
| All Country | Public Equity | — | 29% to 44% with -5% to +5% adjustments | MSCI ACWI Investible Market ex China and Hong Kong (NU753853)MSCI All Country World Investible Market ex China and Hong Kong (NU753853) |
| Non-US Developed | Public Equity | — | 0–10% | MSCI EAFE and Canada Investible Market ex Hong Kong (NU757408) |
| Emerging Markets | Public Equity | — | -4% to 6% | MSCI EM Investible Market ex China (NU711294) |
| Private Equity | Private Equity | — | 7–19% | Customized State Street Private Equity – lagged one quarterCustomized State Street Private Equity Index – lagged one quarter |
| USA | Public Equity | — | — | MSCI USA Investible Market (MIMUUSAG) |
| Government Bonds – Nominal | Fixed Income | — | — | Bloomberg US Long Treasury (LUTLTRUU)Bloomberg US Long Treasury Index (LUTLTRUU) |
| Government Bonds – Real | Fixed Income | — | — | Bloomberg US Treasury TIPS (LBUTTRUU)Bloomberg US Treasury TIPS Index (LBUTTRUU) |
| Absolute Return (Including Credit Sensitive Investments) | Hedge Funds / Absolute Return | — | — | SOFR + 4% |
| Stable Value Hedge Funds | Hedge Funds / Absolute Return | — | — | SOFR + 2.5% |
| Real Estate | Real Estate | — | — | NCREIF ODCE (1 Qtr Arrears)NCREIF ODCE – lagged one quarter |
| Energy, Natural Resources and Infrastructure | Real Assets / Infrastructure | — | — | 40% Cambridge Natural Resources/40% Cambridge Infrastructure/20% quarterly Consumer Price – lagged one quarter40% Cambridge Associates Natural Resources/40% Cambridge Associates Infrastructure/20% quarterly Consumer Price Index– lagged one quarter |
| Commodities | Real Assets / Infrastructure | — | — | Goldman Sachs Commodity (SPGCCITR)Goldman Sachs Commodity Index (SPGCCITR) |
| Cash | Cash | — | — | FTSE 3-Month T-Bill (SBMMTB3)FTSE 3 Month Treasury Bill (SBMMTB3) |
| Asset Allocation Leverage | Multi-Asset / Other | — | — | SOFR + 0.26161%SOFR + 26.161 bp |