View

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. 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

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.


2017 returns as of dec 31, 2017 inception
date
Market Value return 3 year 5 year 10 year 20 year 25 year 30 year
+Total Fund $ 29,894,244,995 14.72 % 7.00 % 8.78 % 5.55 % 7.10 % 7.55 % 8.42 % 01/01/1981
Policy Benchmark Portfolio 14.66 % 6.48 % 7.38 % 4.61 % 6.30 % 6.56 % 7.27 %
+ Total Equities
$ 11,589,598,530 24.78 % 9.71 % 11.61 % 5.50 % 6.75 % 01/01/1997
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 Funds
$ 6,590,822,320 6.02 % 2.79 % 5.27 % 3.37 % 01/01/2006
Hedge Fund Portfolio Benchmark 7.77 % 2.61 % 4.00 % 1.08 %
+ Total High-Yield Investments
$ 3,715,147,467 12.85 % 7.97 % 8.84 % 8.77 % 04/01/1999
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
$ 3,755,128,467 19.77 % 14.22 % 15.22 % 8.97 % 05/01/2006
Private Equity Portfolio Benchmark 19.24 % 12.47 % 14.14 % 8.53 %
+ Real Assets
$ 2,223,390,752 3.20 % 1.27 % 4.29 % 4.40 % 10/01/1998
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 Bonds
$ 1,642,785,771 4.00 % 3.10 % 2.96 % 4.57 % 5.63 % 6.35 % 7.42 % 01/01/1981
Investment-Grade Bond Index Portfolio Benchmark 3.54 % 2.24 % 2.10 % 4.01 % 5.14 % 5.60 % 6.47 %
+ Cash
$ 377,371,687 0.86 % 0.53 % 0.60 % 1.29 % 10/01/2006
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.

Source: 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. Our 2017 return information is available in Recent Activity.



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.