Estimated portfolio and asset class returns as of Dec. 31, 2018 

TCDRS’ estimated investment return for 2018 is between -2.75% and -3.25%, net of all fees. The estimated returns for individual asset classes (also net of all fees) are:




*Note: Our estimated results include conservative estimates of fourth-quarter performance of TCDRS’ private equity, private real estate, distressed debt and direct lending portfolios whose actual performance will not be available until audited financial statements from the underlying partnerships are received in the spring. Final performance will be released in conjunction with TCDRS’ 2018 Comprehensive Annual Financial Report in June.