Estimated portfolio and asset class returns as of Dec. 31, 2019 


TCDRS’ estimated investment return for 2019 is 15.6% net of all fees. The estimated returns for individual asset classes (also net of all fees) are:

Asset Class Estimated Return
Total Portfolio Return* 15.6%
Total Equities 26.8%
U.S. Equities
30.9%
International Developed Market Equities
23.5%
International Emerging Market Equities
21.4%
Global Equities
34.4%
Hedge Funds 10.6%
Credit* 7.8%
Strategic Credit
7.3%
Direct Lending*
10.1%
Distressed Debt*
2.9%
Private Equity* 12.1%
Total Real Assets* 14.4%
Master Limited Partnerships
12.9%
Real Estate Investment Trusts
28.6%
Private Real Estate*
4.0%
Investment-Grade Bonds 9.1%


*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’ 2019 Comprehensive Annual Financial Report in June.