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
Source: 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
|
|
7.93 %
|
3.31 %
|
6.79 %
|
4.03 %
|
6.10 %
|
6.28 %
|
6.88 %
|
|
|
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 Fund Portfolio Benchmark
|
|
0.51 %
|
1.19 %
|
3.42 %
|
1.31 %
|
|
|
|
|
|
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 Portfolio Benchmark
|
|
10.52 %
|
10.38 %
|
13.05 %
|
6.16 %
|
|
|
|
|
|
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 Bond Index Portfolio Benchmark
|
|
2.65 %
|
3.03 %
|
2.23 %
|
4.34 %
|
5.44 %
|
5.76 %
|
6.44 %
|
|
|
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 for this year.
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.