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 March 31, 2024, the TCDRS total fund first quarter (3-month) return is 3.73%. Returns are net of all fees.

Market Value (millions) 1 Year 3 Year 5 Year 10 Year 20 Year 30 Year
Total Fund $47,188 11.4% 8.3% 9.7% 7.9% 7.3% 7.8%
Policy Benchmark Portfolio - 11.5% 6.2% 8.3% 6.8% 6.4% 6.8%
Equities $12,663 22.3% 5.3% 10.2% 8.4% 7.8% -
U.S. Equities $6,203 29.4% 9.7% 14.2% 12.3% 10.2% -
Developed Market Equitie​s​ $2,204 15.6% 4.6% 7.7% 5.3% 6.1% -
Emerging Market Equities $2,469 7.6% -4.7% 3.8% 3.4% - -
Global Equities $1,787 29.3% 7.1% 14.1% 12.7% - -
Hedge Funds $2,486 14.4% 6.0% 7.6% 5.3% - -
Credit $13,145 12.1% 9.7% 8.4% 7.8% 8.0% -
Strategic Credit $4,506 12.9% 8.5% 7.3% 7.3% 7.7% -
​Distressed Debt $1,815 11.6% 12.6% 10.3% 9.6% - -
Direct Lending $6,824 11.6% 10.1% 9.6% 7.2% - -
Private Equity $12,498 4.6% 13.3% 16.6% 15.2% - -
Real Assets $4,086 3.9% 9.8% 5.2% 4.6% 7.2% -
​Private Real Estate $2,701 -2.1% 9.2% 7.0% 9.8% - -
Master Limited Partnerships​ $524 30.6% 26.9% 11.2% 4.4% - -
REITs $861 10.4% 2.4% 4.8% 6.6% 7.3% -
​Investment-Grade Bonds $974 3.0% -1.9% 1.2% 2.2% 3.5% 5.3%
Cash & Cash Equivalents $1,338 5.2% 2.6% 2.0% 1.5% - -

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 first quarter performance for these asset classes will be available in June 2024.

Source: BNY Mellon Performance and Risk Analytics, March 2024

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.