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Our Results

We are proud of the returns
our investments have delivered to our members.


view our investment results

We are proud of the results our investments have earned for our members. Explore the interactive chart below for more details. Our 2017 return information is available in Recent Activity.


Total Fund Return
Benchmark

Net of all fees as of Dec. 31, 2016

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.


2016 returns as of dec 31, 2016 inception
date
Market Value return 3 year 5 year 10 year 20 year 25 year 30 year
+Total Fund $ 26,182,603,137 7.49 % 4.49 % 8.38 % 4.91 % 7.09 % 7.38 % 8.01 % 01/01/1981
Policy Benchmark Portfolio 7.93 % 3.31 % 6.79 % 4.03 % 6.10 % 6.28 % 6.88 %
+ Total Equities
$ 9,417,361,229 7.06 % 3.65 % 10.20 % 4.23 % 7.01 % 01/01/1997
Total Equity Portfolio Benchmark 9.58 % 3.07 % 9.35 % 3.83 % 6.88 %
U.S. Equities $ 4,415,816,725 12.77 % 8.45 % 14.69 % 7.29 % 8.11 % 01/01/1997
U.S. Equity Index Portfolio Benchmark 12.62 % 8.36 % 14.59 % 7.18 % 8.11 %
International Developed Market Equities $ 2,545,602,983 -0.20 % -0.51 % 7.47 % 1.51 % 01/01/2000
International Developed Market Equity Index Portfolio Benchmark 2.75 % -1.58 % 6.07 % 0.86 %
International Emerging Market Equities $ 1,923,360,526 6.44 % -2.40 % 1.28 % 1.03 % 10/01/2004
International Emerging Market Equity Index Portfolio Benchmark 11.19 % -2.55 % 1.28 % 1.84 %
Global Equity $ 532,580,995 3.92 % 8.54 % 01/01/2013
Global Equity Portfolio Benchmark 7.51 % 3.80 %
+ Hedge Funds
$ 6,158,219,643 3.53 % 2.39 % 5.80 % 3.51 % 01/01/2006
Hedge Fund Portfolio Benchmark 0.51 % 1.19 % 3.42 % 1.31 %
+ Total High-Yield Investments
$ 3,090,347,281 13.09 % 6.11 % 9.61 % 7.79 % 04/01/1999
Total High Yield Portfolio Benchmark 15.09 % 3.52 % 6.37 % 7.07 %
High-Yield Bonds $ 413,115,477 14.72 % 3.84 % 7.03 % 7.01 % 04/01/1999
High-Yield Bond Index Portfolio Benchmark 17.30 % 4.18 % 6.78 % 7.27 %
Opportunistic Credit $ 1,630,428,777 14.91 % 7.11 % 10.95 % 10/01/2007
Opportunistic Credit Index Portfolio Benchmark 17.30 % 4.18 % 6.78 %
Direct Lending $ 471,306,988 8.57 % 3.09 % 03/01/2013
Direct Lending Portfolio Benchmark 10.16 % 2.02 %
Distressed Debt $ 575,496,038 10.73 % 6.27 % 10.15 % 8.79 % 10/01/2005
Distressed Debt Index Portfolio Benchmark 11.41 % 2.41 % 5.69 % 6.72 %
+ Private Equity
$ 3,100,313,544 12.38 % 12.24 % 13.51 % 6.55 % 05/01/2006
Private Equity Portfolio Benchmark 10.52 % 10.38 % 13.05 % 6.16 %
+ Real Assets
$ 3,008,405,161 10.73 % 4.89 % 6.09 % 4.21 % 10/01/1998
Real Assets Portfolio Benchmark 11.62 % 1.07 % 3.53 % 2.28 %
Private Real Estate Partnerships $ 572,533,783 9.54 % 13.70 % 15.62 % 04/01/2009
Private Real Estate Portfolio Benchmark 7.49 % 11.01 % 10.91 %
Commodities $ 540,289,650 12.87 % -10.22 % -8.38 % 01/01/2010
Commodities Index Portfolio Benchmark 11.77 % -11.26 % -8.95 %
Master Limited Partnerships $ 567,631,452 19.41 % -0.60 % 10/01/2013
Master Limited Partnership Portfolio Benchmark 18.31 % -5.80 %
TIPS $ 512,661,657 9.78 % 3.80 % 1.71 % 4.97 % 10/01/2006
TIPS Portfolio Benchmark 12.12 % 4.63 % 2.29 % 5.08 %
REITs $ 815,288,619 4.92 % 10.23 % 11.04 % 3.19 % 10/01/1998
REIT Index Portfolio Benchmark 7.26 % 10.69 % 11.37 % 3.81 %
+ Investment-Grade Bonds
$ 994,510,881 4.86 % 3.95 % 3.49 % 4.73 % 6.12 % 6.61 % 7.36 % 01/01/1981
Investment-Grade Bond Index Portfolio Benchmark 2.65 % 3.03 % 2.23 % 4.34 % 5.44 % 5.76 % 6.44 %
+ Cash
$ 413,445,399 0.33 % 0.52 % 0.56 % 2.31 % 10/01/2006
90-Day U.S. Treasury Bill 0.34 % 0.14 % 0.11 % 0.66 %
Returns not available for asset classes/subclasses or their related benchmarks if they have less than one full year’s performance.

Source: BNY Mellon


At TCDRS, we like to take a long-term view of our investment returns, but that doesn’t mean
we don’t keep a sharp eye on the short term as well. Here are our returns so far for 2017.



This chart of our performance during the year requires the use of estimated returns for several asset classes whose returns we only receive monthly or quarterly. When the actual returns are known, this chart will be updated to reflect them, meaning that it will often look different from the last time you may have viewed it.