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 December 31, 2021, the TCDRS fourth quarter (3 month) return is 4.78%. Returns are net of all fees. Note: Performance of TCDRS’ distressed debt, direct lending, private equity, and private real estate portfolios are lagged one quarter. Actual fourth quarter performance will not be available until audited financial statements from the underlying partnerships are received in the spring. Final performance will be released in conjunction with TCDRS’ 2021 Comprehensive Annual Financial Report in June. — Casey Wolf, TCDRS Chief Investment Officer

Market Value 1 Year 3 Year 5 Year 10 Year 15 Year 20 Year 30 Year
Total Fund $43,851 23.9% 15.5% 11.8% 10.0% 7.1% 8.0% 8.1%
Policy Benchmark Portfolio - 19.5% 14.4% 10.8% 8.8% 6.2% 7.2% 7.0%
Equities $12,696 15.2% 19.5% 13.9% 12.0% 7.4% 8.0% -
U.S. Equities $6,370 25.8% 25.5% 17.8% 16.3% 10.7% 9.9% -
Developed Market Equitie​s​ $2,052 11.4% 14.3% 9.8% 8.7% 4.2% 6.8% -
Emerging Market Equities $2,712 -1.2% 13.7% 10.7% 5.9% 4.2% - -
Global Equities $1,562 12.7% 25.7% 18.1% - - - -
Hedge Funds $2,913 8.1% 9.8% 6.6% 6.2% 4.5% - -
Credit $10,999 16.4% 8.6% 9.1% 9.3% 8.2% 8.3% -
Strategic Credit $4,880 16.0% 8.1% 8.2% 9.0% 8.0% 8.1% -
​Distressed Debt $1,307 23.5% 9.7% 12.4% 11.2% 9.8% - -
Direct Lending $4,811 14.7% 9.4% 9.2% - - - -
Private Equity $10,721 57.0% 26.6% 23.5% 18.2% 11.8% - -
Real Assets $4,381 34.6% 10.5% 5.6% 5.8% 4.6% 9.5% -
​Private Real Estate $1,787 22.0% 7.7% 9.4% 12.2% - - -
Master Limited Partnerships​ $1,145 41.4% 6.1% -0.6% - - - -
REITs $1,450 39.1% 20.6% 12.7% 11.9% 6.3% 11.0% -
​Investment-Grade Bonds $1,050 -1.4% 5.7% 4.2% 3.8% 4.5% 5.0% 6.2%
Cash & Cash Equivalents $1,091 0.0% 1.0% 1.2% 0.9% 1.9% - -

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

Source: BNY Mellon Performance and Risk Analytics, December 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.