003 · Benchmarks
Virginia RS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Public Equity | Public Equity | 32% | 25–39% | MSCI ACWI IMI ex Selected Countries (net VRS taxes) (85%) and MSCI World Min Vol ex Selected Countries (net VRS taxes) (15%)MSCI ACWI IMI Index ex Selected Countries (net VRS taxes) (85%) and MSCI World Min Vol Index ex Selected Countries (net VRS taxes) (15%) |
| Private Equity | Private Equity | 15% | 8–22% | Regional benchmarks of MSCI ACWI IMI ex Selected Countries (net VRS taxes) lagged by three months, weighted 75% North America, 20% Europe, 5% Asia and Emerging Markets (80%) and MSCI Private Equity excluding venture capital and excluding funds under $1B in size lagged by three months (20%)Regional benchmarks of MSCI ACWI IMI Index ex Selected Countries (net VRS taxes) lagged by three months, weighted 75% North America, 20% Europe, 5% Asia and Emerging Markets (80%) and MSCI Private Equity Index excluding venture capital and excluding funds under $1B in size lagged by three months (20%) |
| Real Assets | Real Assets / Infrastructure | 14% | 7–21% | Market value weighted blend of NCREIF Private Real Estate Benchmark (ODCE lagged by three months) and Other Real Assets Custom Benchmark (CPI-U plus 400 basis points per annum lagged by three months)Market value weighted blend of NCREIF Private Real Estate Benchmark (ODCE Index (net) lagged by three months) and Other Real Assets Custom Benchmark (CPI-U Index plus 400 basis points per annum lagged by three months) |
| Credit Strategies | Fixed Income | 16% | 9–23% | Morningstar LSTA Performing Loan (50%) and Bloomberg US High Yield Ba/B 2% Issuer Cap (50%)Morningstar LSTA Performing Loan Index (50%) and Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index (50%) |
| Diversifying Strategies | Hedge Funds / Absolute Return | 6% | 3–11% | ICE BofA US 3-Month T-Bill plus 250 basis points per annum (75%) and HFRI Institutional Trend Following Directional (25%)ICE BofA U.S. 3-Month Treasury Bill Index plus 250 basis points per annum (75%) and HFRI Institutional Trend Following Directional Index (25%) |
| Private Investment Partnerships | Multi-Asset / Other | 2% | 0–4% | Weighted average of Private Equity Custom Benchmark (33%), NCREIF Private Real Estate Benchmark (25%), Other Real Assets Custom Benchmark (8%), and Credit Strategies Custom Benchmark (34%) |
| Exposure Management Portfolio | Multi-Asset / Other | 0% | 0–6% | — |
| Fixed Income | Fixed Income | 16% | 12–23% | Bloomberg US Aggregate Bond (90%), Bloomberg US High Yield Ba/B 2% Issuer Cap (5%), and JP Morgan EMBI Global Core (5%)Bloomberg U.S. Aggregate Bond Index (90%), Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index (5%), and JP Morgan EMBI Global Core Index (5%) |
| Cash | Cash | 2% | 0–7% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index |