Investment Managers

At TCDRS, we’re proud to work with industry-leading investment managers to help manage our assets.

Due Diligence

We perform extensive due diligence before hiring investment managers and monitor them as they work toward specific goals, investing funds according to TCDRS investment policy. Our oversight of investment managers includes review of operations, on-site visits, background checks and review of financial information. We continue to monitor our investment managers after they are hired.

Passive and Active Management

We use both passive and active styles of asset management.

With funds managed in the passive style, we seek to match the performance of an established market index (for example, the Dow Jones U.S. Total stock Market Index) by investing in the same securities as the index. Our asset classes that are passively managed include:

  • U.S. equities
  • International developed equities (partial)
  • International emerging equities (partial)

With investments managed in the active style, our investment managers try to exceed the performance of a market index by actively selecting securities that they believe will outperform and avoiding those they think will underperform. Asset classes that are managed actively include:

  • Global equities
  • International developed equities (partial)
  • International emerging equities (partial)
  • Hedge funds
  • Credit investments
  • Private equity
  • Real assets
  • Investment-grade bonds

Investment managers we currently work with include:

Global Equities
Viking Global Fund L.P.

Domestic Equities
State Street Global Advisors (index fund)

Developed International Equity
Causeway Capital Management LLC
State Street Global Advisors (index fund)

Emerging Market Equities
AQR Capital Management, LLC
Dimensional Fund Advisors
JP Morgan
State Street Global Advisors (index fund)
Wellington Trust Co.


Cohen & Steers Capital Management
Dimensional Fund Advisors

Investment-Grade Bonds
Dodge & Cox
Jennison Associates
Prudential Investment Management

Western Asset Management Co.

Gresham Investment Management LLC
Wellington Trust Co.

Master Limited Partnerships
Harvest Fund Advisors

Our Recent Activity page shows our current alternative investment commitments.

Manager Searches

TCDRS employs Cliffwater, LLC to conduct all investment manager searches and due diligence on potential investment managers. If you are interested in working with TCDRS investments, please contact Cliffwater.

Cliffwater, LLC
4640 Admiralty Way, Suite 1101
Marina del Rey, CA 90292-6623
(310) 448-5000

TCDRS currently has no manager searches underway.


Estimated portfolio and asset class returns as of Dec. 31, 2018

TCDRS’ estimated investment return for 2018 is between -2.75% and -3.25%, net of all fees. The estimated returns for individual asset classes (also net of all fees) are:       *Note: Our es...

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Employers maintain benefit levels for 2019

For 2019, most TCDRS employers maintained their current benefit levels. Of those employers that made plan changes, 53 adopted benefit increases and 2 decreased benefits. In addition, 51 employers adopted cost-of-living adjustme...

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Doing Retirement Right
2017 Economic Impact Study