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Our Results

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

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Annualized Returns
Year-to-Date Return

As of year end

2017

Graph
Table

Benchmark

On Off

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.

+Total Fund	$ 29,894,244,995	14.72 %	7.00 %	8.78 %	5.55 %	7.10 %	7.55 %	8.42 %	01/01/1981
	2017		returns as of dec 31, 2017						inception date
	Market Value	return	3 year	5 year	10 year	20 year	25 year	30 year	inception date
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.

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. 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.

View

Our Results

+ Total Equities

+ Hedge Funds

+ Total High-Yield Investments

+ Private Equity

+ Real Assets

+ Investment-Grade Bonds

+ Cash