We are proud of the results our investments have earned for our members. Explore the interactive chart below for more details.
The current year's estimated quarterly return information is available in Recent Activity.
Total Fund Return
Benchmark
Net of all fees as of Dec. 31, 2017
Returns calculated by BNY Mellon
Here are our investment returns by asset class. Click the + to see how our return compares to our benchmarks.
Results are shown net of all fees.
|
Policy Benchmark Portfolio
|
|
14.66 %
|
6.48 %
|
7.38 %
|
4.61 %
|
6.30 %
|
6.56 %
|
7.27 %
|
|
|
Total Equity Portfolio Benchmark
|
|
25.26 %
|
9.60 %
|
10.86 %
|
5.12 %
|
6.54 %
|
|
|
|
|
U.S. Equities
|
$ 5,115,472,692
|
21.18 %
|
11.17 %
|
15.59 %
|
8.79 %
|
7.69 %
|
|
|
01/01/1997
|
|
U.S. Equity Index Portfolio Benchmark
|
|
21.16 %
|
11.08 %
|
15.52 %
|
8.66 %
|
7.59 %
|
|
|
|
|
International Developed Market Equities
|
$ 3,437,685,776
|
24.50 %
|
8.58 %
|
8.87 %
|
2.65 %
|
|
|
|
01/01/2000
|
|
International Developed Market Equity Index Portfolio Benchmark
|
|
24.21 %
|
7.36 %
|
7.46 %
|
1.87 %
|
|
|
|
|
|
International Emerging Market Equities
|
$ 2,468,507,244
|
32.88 %
|
8.16 %
|
3.70 %
|
0.74 %
|
|
|
|
10/01/2004
|
|
International Emerging Market Equity Index Portfolio Benchmark
|
|
37.28 %
|
9.10 %
|
4.35 %
|
1.68 %
|
|
|
|
|
|
Global Equity
|
$ 567,932,818
|
27.05 %
|
11.39 %
|
17.67 %
|
|
|
|
|
01/01/2013
|
|
Global Equity Portfolio Benchmark
|
|
22.40 %
|
9.26 %
|
11.64 %
|
|
|
|
|
|
|
Hedge Fund Portfolio Benchmark
|
|
7.77 %
|
2.61 %
|
4.00 %
|
1.08 %
|
|
|
|
|
|
Total High Yield Portfolio Benchmark
|
|
7.55 %
|
5.40 %
|
5.02 %
|
7.58 %
|
|
|
|
|
|
High-Yield Bonds
|
$ 272,755,609
|
6.56 %
|
5.44 %
|
5.32 %
|
7.37 %
|
|
|
|
04/01/1999
|
|
High-Yield Bond Index Portfolio Benchmark
|
|
6.93 %
|
5.87 %
|
5.30 %
|
7.73 %
|
|
|
|
|
|
Opportunistic Credit
|
$ 1,979,344,663
|
12.85 %
|
8.49 %
|
9.68 %
|
7.77 %
|
|
|
|
10/01/2007
|
|
Opportunistic Credit Index Portfolio Benchmark
|
|
6.93 %
|
5.87 %
|
5.30 %
|
6.69 %
|
|
|
|
|
|
Direct Lending
|
$ 952,748,123
|
11.28 %
|
6.35 %
|
|
|
|
|
|
03/01/2013
|
|
Direct Lending Portfolio Benchmark
|
|
4.12 %
|
2.76 %
|
|
|
|
|
|
|
|
Distressed Debt
|
$ 510,299,072
|
18.21 %
|
9.58 %
|
10.83 %
|
9.67 %
|
|
|
|
10/01/2005
|
|
Distressed Debt Index Portfolio Benchmark
|
|
13.06 %
|
6.02 %
|
5.39 %
|
7.77 %
|
|
|
|
|
|
Private Equity Portfolio Benchmark
|
|
19.24 %
|
12.47 %
|
14.14 %
|
8.53 %
|
|
|
|
|
|
Real Assets Portfolio Benchmark
|
|
3.68 %
|
0.30 %
|
1.78 %
|
2.61 %
|
|
|
|
|
|
Private Real Estate Partnerships
|
$ 625,488,281
|
16.58 %
|
13.54 %
|
15.31 %
|
|
|
|
|
04/01/2009
|
|
Private Real Estate Portfolio Benchmark
|
|
15.06 %
|
11.05 %
|
11.80 %
|
|
|
|
|
|
|
Master Limited Partnerships
|
$ 916,453,388
|
-5.59 %
|
-7.90 %
|
|
|
|
|
|
10/01/2013
|
|
Master Limited Partnership Portfolio Benchmark
|
|
-6.52 %
|
-9.33 %
|
|
|
|
|
|
|
|
REITs
|
$ 681,449,083
|
7.61 %
|
5.06 %
|
8.33 %
|
5.96 %
|
|
|
|
10/01/1998
|
|
REIT Index Portfolio Benchmark
|
|
7.63 %
|
5.63 %
|
8.43 %
|
6.63 %
|
|
|
|
|
|
Investment-Grade Bond Index Portfolio Benchmark
|
|
3.54 %
|
2.24 %
|
2.10 %
|
4.01 %
|
5.14 %
|
5.60 %
|
6.47 %
|
|
|
90-Day U.S. Treasury Bill
|
|
0.97 %
|
0.45 %
|
0.29 %
|
0.33 %
|
|
|
|
|
Returns not available for asset classes/subclasses or their related benchmarks if they have less than one full year’s performance.
Returns calculated by BNY Mellon
At TCDRS, we like to take a long-term view of our investment returns, but we also keep a sharp eye on the short term.
Here are our returns so far for 2018. For more details, visit Recent Activity.
This chart of our net-of-fee performance during the year requires the use of estimated returns for several asset classes whose returns we only receive quarterly. Here we report the estimated performance for the year as of the end of each calendar month. Results for the private asset classes (private equity, distressed debt, direct lending and private real estate) are included on a one-quarter-end lagged basis because results are not available until two months following quarter end. This is consistent with performance reporting by other institutional investors. Our full year 2018 results which reflect values for the private asset classes as of Dec. 31 will be released in conjunction with the TCDRS Comprehensive Annual Financial Report, which is typically available in early June of the following year.