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 February 28, 2021)
Account
Total Market
Value ($)
in millions
Fiscal Year Ending (%) 1-Yr Ending (%) 5-Yrs Ending (%) 10-Yrs Ending (%)
Total Fund 24,041 20.21 21.07 12.37 9.27
TRSL Policy Benchmark   19.74 22.16 12.58 8.92
           
Total Publicly Traded 15,345 25.58 28.20 13.13 8.67
TRSL Public Benchmark   20.81 22.89 11.94 7.80
           
U.S. Equity 6,837 34.81 42.12 17.66 12.91
Russell 3000 Index   28.58 35.33 17.41 13.44
           
International Equity 4,529 30.91 34.16 14.16 7.60
MSCI EAFE Dividend Index   23.01 22.46 9.73 5.04
           
Global REIT 282 18.32 3.19    
FTSE EPRA/NAREIT Dev Index Tri USD   18.94 1.12    
           
U.S. Fixed Income 1,295 0.61 2.79 4.43 4.15
Barclays Cap Aggregate Bond Index   -0.89 1.38 3.55 3.58
           
Global Fixed Income 1,852 10.77 10.16 5.97 4.28
Barclays Cap Global Aggregate Bond Index   3.29 4.33 3.61 2.48
           
Emerging Market Debt 296 7.05 3.40 4.44  
JP Morgan GBI-EM Global Diversif Index   6.19 3.70 5.54  
           
Unallocated Cash 254        
           
  NOTE: Performance is net of fees. Slight rounding variance may occur.

 
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