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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. 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, 2018

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.


2018 returns as of dec 31, 2018 inception
date
Market Value return 3 year 5 year 10 year 20 year 25 year 30 year
+Total Fund $ 29,173,351,305 -1.86 % 6.57 % 5.13 % 9.02 % 6.43 % 7.00 % 8.04 % 01/01/1981
Policy Benchmark Portfolio -3.31 % 6.16 % 4.10 % 8.06 % 5.58 % 6.02 % 6.88 %
+ Total Equities
$ 9,463,934,446 -10.00 % 6.34 % 4.58 % 10.09 % 4.87 % 01/01/1997
Total Equity Portfolio Benchmark -10.03 % 7.29 % 4.29 % 9.64 % 4.66 %
U.S. Equities $ 3,848,616,601 -5.17 % 9.03 % 7.95 % 13.36 % 6.07 % 01/01/1997
U.S. Equity Index Portfolio Benchmark -5.30 % 8.92 % 7.86 % 13.22 % 5.96 %
International Developed Market Equities $ 2,956,728,202 -14.00 % 2.23 % 1.07 % 6.91 % 01/01/2000
International Developed Market Equity Index Portfolio Benchmark -14.09 % 3.11 % 0.34 % 6.24 %
International Emerging Market Equities $ 2,142,729,525 -14.93 % 6.36 % 1.00 % 6.91 % 10/01/2004
International Emerging Market Equity Index Portfolio Benchmark -14.57 % 9.25 % 1.65 % 8.02 %
Global Equity $ 515,860,118 -9.17 % 6.24 % 8.09 % 01/01/2013
Global Equity Portfolio Benchmark -8.71 % 6.30 % 4.56 %
+ Hedge Funds
$ 5,198,714,924 -1.98 % 2.47 % 2.21 % 6.27 % 01/01/2006
Hedge Fund Portfolio Benchmark -4.02 % 1.31 % 1.40 % 3.12 %
+ Total Credit Investments
$ 4,907,029,462 5.96 % 10.59 % 7.39 % 12.61 % 04/01/1999
Total Credit Portfolio Benchmark -1.04 % 6.99 % 3.38 % 10.77 %
Strategic Credit $ 2,722,398,056 4.97 % 10.48 % 7.31 % 12.65 % 04/01/1999
Strategic Credit Index Portfolio Benchmark -2.25 % 7.03 % 3.40 % 10.78 %
Direct Lending $ 1,689,253,847 7.36 % 9.06 % 5.53 % 03/01/2013
Direct Lending Portfolio Benchmark 0.44 % 4.83 % 2.12 %
Distressed Debt $ 495,377,559 6.10 % 11.57 % 8.52 % 12.54 % 10/01/2005
Distressed Debt Index Portfolio Benchmark 2.05 % 8.73 % 4.38 % 11.31 %
+ Private Equity
$ 4,507,413,514 13.79 % 15.27 % 14.02 % 13.22 % 05/01/2006
Private Equity Portfolio Benchmark 10.89 % 13.48 % 12.20 % 12.47 %
+ Real Assets
$ 2,536,748,409 -5.77 % 2.50 % 2.33 % 6.28 % 9.67 % 10/01/1998
Real Assets Portfolio Benchmark -3.89 % 3.61 % 0.57 % 5.24 % 8.39 %
Private Real Estate Partnerships $ 709,954,951 6.50 % 10.79 % 12.79 % 04/01/2009
Private Real Estate Portfolio Benchmark 7.10 % 9.82 % 11.01 %
Master Limited Partnerships $ 1,171,961,638 -13.85 % -0.97 % -4.39 % 10/01/2013
Master Limited Partnership Portfolio Benchmark -12.42 % -1.06 % -7.31 %
REITs $ 654,831,820 -3.89 % 2.76 % 6.74 % 11.46 % 9.75 % 10/01/1998
REIT Index Portfolio Benchmark -5.02 % 3.12 % 6.76 % 11.61 % 9.60 %
+ Investment-Grade Bonds
$ 1,640,285,834 -0.22 % 2.86 % 3.11 % 4.71 % 5.11 % 5.88 % 7.09 % 01/01/1981
Investment-Grade Bond Index Portfolio Benchmark 0.01 % 2.06 % 2.52 % 3.48 % 4.70 % 5.21 % 6.20 %
+ Cash
$ 919,224,716 2.21 % 1.13 % 0.93 % 0.95 % 10/01/2006
90-Day U.S. Treasury Bill 1.98 % 1.09 % 0.67 % 0.39 %
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 2019. 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.