Monitoring Investment Performance

At TCDRS, we’re constantly monitoring our investments. Measuring investment performance is all about benchmarks — comparing our performance to accepted industry indices.


As of Dec. 31, 2019, our 30-year investment return is 8.0%, and we’ve outperformed our portfolio benchmarks over the 10-, 20- and 30-year time periods.

Portfolio Performance vs Benchmarks

TCDRS Investment Results

See our results for yourself. 


All investment performance is reported net of all investment fees.


  • Quarterly
    TCDRS reports performance at the end of each calendar quarter. Results for the private asset classes (private equity, distressed debt, direct lending and private real estate) are included on a one-quarter-lagged basis because results are not available until two months following quarter end. This is consistent with performance reporting by other institutional investors. Our most recent quarterly results are available on the Recent Activity page.
  • Annual
    In conjunction with the preparation of TCDRS’ Comprehensive Annual Financial Report, performance of the portfolio at the end of each calendar year is reported for all asset classes as of Dec. 31. The annual performance report is typically available in early June of the following year. All of the annualized returns shown in the Our Results tool are based on annual performance reports. 
  • Year to Date
    The Year-to-Date Return shown in the Our Results tool does not include the performance of the private asset classes until they are received, at which time the return graph is updated to reflect those returns. The return graph is intended to provide an estimate of the portfolio’s performance over the course of the year and is subject to revision throughout the year as explained in the note below the graph.



To measure the performance of our portfolio as a whole, we use a policy benchmark portfolio. This hypothetical portfolio is made up of individual asset class benchmarks that are weighted to reflect our target asset class allocation.

Benchmark Portfolios for long-term performance measurement

Asset Category Benchmark Portfolio
Equities Global Equity Index
MSCI World Index (net) 

U.S. Equity Index
Dow Jones U.S. Total Stock Market Index

Developed International Equity Index
MSCI World ex U.S. Index (net)

Emerging International Equity Index
MSCI EM (Emerging Markets) Index (net)
Hedge Funds Hedge Fund Research, Inc. (HFRI) Fund of Funds Composite Index
Credit Direct Lending
S&P/LSTA Leveraged Loan Index

Distressed Debt
Cambridge Associates Distressed Securities Index
(vintage years 2005 – present of Quarter Pooled
Horizon IRRs)

Strategic Credit
FTSE High-Yield Cash-Pay Capped Index 
Private Equity Cambridge Associates Global Private Equity & Venture Capital Index (vintage years 2006 – present of Quarter Pooled Horizon IRRs)
Real Assets Private Real Estate
Cambridge Associates Real Estate Index
(vintage years 2007 – present of Quarter Pooled
Horizon IRRs)

REIT Index
67% FTSE NAREIT All Equity REITs Index 
33% S&P Global REIT Index (net)

Master Limited Partnerships
Alerian MLP Index

Bloomberg Commodity Index

Bloomberg Barclays U.S. 10-Year Breakeven
Inflation Index
Investment-Grade Bonds Bloomberg Barclays U.S. Aggregate Bond Index

Historical benchmark information is available upon request.

We also compare the performance of each asset class and investment manager to a benchmark. This lets us see not only how each asset class performed, but also the value each investment manager added to the assets under their management.

The Bank of NY Mellon serves as the independent performance analyst for our investment performance. Each quarter, they calculate our performance and report it to the TCDRS Board of Trustees. We ask them to report across many time periods on our portfolio as a whole, on our asset classes, and on our investment managers.

TCDRS 2018 Performance vs. Capital Market Assumptions



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