Thinking Long-Term

See how TCDRS performs against our benchmarks, year over year.

All in the Details

Find out more about how TCDRS reports performance.

We are proud of the results our investments have earned for our members. Explore the interactive chart below for more details.

Net of all fees as of Dec. 31,

Total Fund Return
Benchmark

As of June 30, 2021, the TCDRS total fund second quarter (3-month) return is 7.2%. Returns are net of all fees.

Market Value 1 Year 3 Year 5 Year 10 Year 15 Year 20 Year 30 Year
Total Fund $40,736 33.7% 11.3% 11.2% 8.6% 7.2% 7.7% 8.3%
Policy Benchmark Portfolio - 31.1% 10.7% 10.5% 7.6% 6.5% 7.0% 7.2%
Equities $13,071 42.7% 14.6% 14.7% 10.5% 8.1% 7.5% -
U.S. Equities $6,040 43.7% 18.5% 17.8% 14.7% 10.9% 9.1% -
Developed Market Equitie​s​ $2,667 36.3% 8.9% 10.7% 6.6% 5.1% 6.3% -
Emerging Market Equities $2,874 46.3% 13.5% 12.9% 4.7% 6.0% - -
Global Equities $1,491 43.6% 20.6% 19.9% - - - -
Hedge Funds $3,650 23.9% 7.9% 7.4% 5.7% 4.4% - -
Credit $9,761 22.3% 7.2% 9.6% 8.5% 8.2% 8.2% -
Strategic Credit $4,806 23.7% 6.3% 9.2% 8.3% 8.1% 8.1% -
​Distressed Debt $1,137 27.8% 8.0% 11.3% 9.7% 9.6% - -
Direct Lending $3,819 18.7% 8.8% 9.2% - - - -
Private Equity $8,845 55.4% 22.5% 20.5% 16.1% 9.8% - -
Real Assets $4,043 32.3% 4.0% 3.9% 4.6% 4.9% 9.0% -
​Private Real Estate $1,380 11.4% 4.8% 7.7% 11.3% - - -
Master Limited Partnerships​ $1,406 54.9% -0.2% 0.4% - - - -
REITs $1,257 36.7% 13.2% 8.8% 9.4% 6.6% 10.3% -
​Investment-Grade Bonds $1,052 1.5% 6.2% 3.9% 4.3% 5.0% 5.2% 6.7%
Cash & Cash Equivalents $314 0.1% 1.4% 1.2% 0.9% - - -

Due to rounding, totals and detail may not be equal.

Performance of TCDRS’ distressed debt, direct lending, private equity, and private real estate portfolios are lagged one quarter. Actual second quarter performance for these asset classes will be available in September 2021. 

Source: BNY Mellon Performance and Risk Analytics, June 2021

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 the year.

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.