Public Assets

Public equity

Public equities consist of publicly traded marketable securities which are traded on a regulated exchange. The public equity markets cover various market capitalization segments and styles in both domestic and international markets. TRSL oversees all investments in this asset class which include program structure, policy development, implementation, external investment manager selection, and program monitoring. TRSL’s public equities are managed both passively and actively in the domestic and international markets by various domestic and international managers.

Fixed income

Fixed income investments are a necessary component of institutional investment portfolios in order to ensure portfolio diversification while providing a reliable source of income. With a low correlation to equity securities, fixed income investments help reduce overall volatility. Examples include investment grade U.S. treasuries, federal agencies, corporate bonds, asset-backed securities (ABS), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS). TRSL’s investments are managed externally by various domestic and global managers.
  
Public Assets: Market Value and Returns (as of June 30, 2018)
           
Account Total Market Value ($)
in millions
Fiscal Year Ending (%) 1-Yr Ending (%) 5-Yrs Ending (%) 10-Yrs Ending (%)
TOTAL FUND 20,240 11.56 11.56 9.93 7.08
TRSL Policy Benchmark   9.54 9.54 9.02 7.02
           
TOTAL PUBLICLY TRADED 13,774 10.60 10.60 8.97 6.91
TRSL Public Benchmark   7.99 7.99 7.95 5.92
           
U.S. EQUITY 6,097 16.76 16.76 13.01 9.65
Russell 3000 Index   14.78 14.78 13.29 10.23
           
INTERNATIONAL EQUITY 3,863 10.86 10.86 8.51 4.46
MSCI EAFE Dividend Index   6.84 6.84 6.44 2.84
           
GLOBAL REIT 155        
FTSE EPRA/NAREIT Dev Index Tri USD          
           
U.S. FIXED INCOME 1,340 0.17 0.17 2.76 4.29
Barclays Cap Aggregate Bond Index   -0.40 -0.40 2.27 3.72
           
GLOBAL FIXED INCOME 1,862 0.88 0.88 2.66 4.60
Barclays Cap Global Aggregate Bond Index   1.36 1.36 1.50 2.58
           
EMERGING MARKET DEBT 281 -5.04 -5.04 -1.93  
JP Morgan GBI-EM Global Diversif Index   -2.33 -2.33 -1.40  
           
UNALLOCATED CASH 176        
           
NOTE: Performance is net of fees.
Slight rounding variance may occur

 
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