003 · Benchmarks
Vermont Pension Investment Commission.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Global Equity | Public Equity | — | — | MSCI ACWI IMI |
| U.S. Large Cap Core Equity | Public Equity | — | — | S&P 500S & P 500 (Cap Wtd) |
| Small/Mid Cap Core Equity | Public Equity | — | — | Russell 2500 |
| International Equity | Public Equity | — | — | ACWI ex US |
| Emerging Market Equity | Public Equity | — | — | MSCI EM |
| Core Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg Barclays US Aggregate Bond |
| Global Fixed Income | Fixed Income | — | — | Citi WGBI |
| Emerging Market Debt | Fixed Income | — | — | JP Morgan Emerging Market Bond GlobalJP Morgan Emerging Market Bond Index Global |
| TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg Barclays US TIPS |
| Core Real Estate | Real Estate | — | — | NCREIF ODCE |
| Non-Core Real Estate | Real Estate | — | — | NCREIF ODCE + 2% |
| Hedge Fund of Funds | Hedge Funds / Absolute Return | — | — | HFRI Fund of Funds |
| Commodities | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index |
| Farmland | Real Assets / Infrastructure | — | — | NCREIF Farmland |
| Private Equity | Private Equity | — | — | Cambridge Private Equity |
| Private Credit | Private Credit / Debt | — | — | CS Leveraged Loan + 2% (Spliced) |
| Cash Equivalents | Cash | — | — | ICE BofA 3 Mo US T-BillICE BofAML 3 Mo US T-Bill |
| High-Yield Fixed Income | Fixed Income | — | — | Bloomberg US High YieldBloomberg Barclays High Yield |
| Infrastructure | Real Assets / Infrastructure | — | — | CPI + 3% |