For the most recent fiscal year, TCERA's negative return reflects a challenging environment for during the past year. Of the 51 public pension plans tracked by Pensions & Investments as of Monday, the median return for the year ended June 30 was -5.1%.
For the year ended June 30, the Russell 3000 index and Bloomberg U.S. Aggregate Bond index returned -13.9% and -10.3%, respectively, in sharp contrast to returns of 44.2% and 4.6% for the year ended June 30, 2021.
By asset class for the most recent fiscal year ended June 30, the top performer was private equity, which returned a net 26.4% (equal to its benchmark), followed by real estate at a net 20.7% (below 29.5% for its benchmark); private credit, 3% (3.1%); domestic fixed income, -11% (-10.3%); global equities, -12.2% (-15.4%); domestic equities, -13.9% (-13.9%); international equities, -18.5% (-19%); and emerging markets debt, -19.4% (-20.2%).
As of June 30, the actual allocation was 21% each domestic large-cap equities and real estate, 17% domestic fixed income, 14% international equities, 7% private equity, 6% each domestic small-cap equities and private credit, 3% each emerging markets debt and global equities, and the rest in cash and equivalents.
