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 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 May 31, 2024) | |||||
| Account |
Total Market
Value ($)
in millions
|
Fiscal Year Ending (%) | 1-Yr Ending (%) | 5-Yrs Ending (%) | 10-Yrs Ending (%) |
| Total Fund | 26,326 | 6.42 | 9.72 | 8.46 | 7.71 |
| TRSL Policy Benchmark | 10.39 | 14.60 | 8.76 | 7.54 | |
| Total Publicly Traded | 13,517 | 11.01 | 16.55 | 6.69 | 6.12 |
| TRSL Public Benchmark | 12.83 | 17.79 | 8.26 | 6.66 | |
| U.S. Equity | 5,773 | 15.98 | 24.83 | 11.71 | 10.16 |
| Russell 3000 Index | 19.43 | 27.58 | 15.00 | 12.09 | |
| International Equity | 3,237 | 12.23 | 17.27 | 5.50 | 4.49 |
| MSCI EAFE Dividend Index | 13.37 | 18.53 | 8.05 | 4.60 | |
| Global REIT | 376 | 4.79 | 8.21 | 0.71 | |
| FTSE EPRA/NAREIT Dev Index Tri USD | 4.18 | 7.31 | -0.45 | 2.14 | |
| U.S. Fixed Income | 1,694 | 3.09 | 2.91 | 0.76 | 1.88 |
| Bloomberg Cap Aggregate Bond Index | 1.67 | 1.31 | -0.17 | 1.26 | |
| Global Fixed Income | 996 | 2.84 | 4.04 | 0.63 | 1.17 |
| Bloomberg Cap Global Aggregate Bond Index | 0.78 | 0.77 | -1.62 | -0,37 | |
| Multi-Asset Credit | 1,084 | ||||
| TRSL Multi-Asset Credit Benchmark | 7.50 | 9.88 | |||
| Unallocated Cash | 359 | ||||
| NOTE: Performance is net of fees. Slight rounding variance may occur. | |||||