003 · Benchmarks
Kern County ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Public Equity | Public Equity | 34% | 24–46% | — |
| Fixed Income | Fixed Income | 23% | 13–33% | — |
| Commodities | Real Assets / Infrastructure | 5% | 0–9% | Bloomberg CommodityBloomberg Commodity Index |
| Hedge Funds | Hedge Funds / Absolute Return | 12% | 7–17% | 9% 3-Month T-Bill + 3% & 3% MSCI ACWI9% 3-Month Treasury Bill + 300bps & 3% MSCI All Country World Index (Total Return Net) |
| Alpha Pool | Multi-Asset / Other | 2.5% | 0–5% | 300bps |
| Core Real Estate | Real Estate | 7% | 2–10% | NCREIF Fund - Open End Diversified Core EquityNCREIF Fund Index - Open End Diversified Core Equity (Net) |
| Opportunistic | Multi-Asset / Other | 0% | 0–10% | Assumed rate of return + 3%Assumed rate of return + 300bps |
| Private Markets | Multi-Asset / Other | 18% | 0–33% | — |
| Cash | Cash | — | -5-4% | 3-Month T-Bill3-Month Treasury Bill Index |
| Equity | Public Equity | — | — | MSCI ACWI IMIMSCI All Country World Investable Market Index (Total Return Net) |
| Fixed Income - Core | Fixed Income | — | — | Blend of 3% ICE BofA 7-10 Year US Treasury , 2% ICE BofA US Treasury 10+ , 4% Bloomberg US Aggregate Value Unhedged USD , 4% Bloomberg US Corporate Credit 1-3 YearBlend of 3% ICE BofAML 7-10 Year US Treasury Index, 2% ICE BofAML US Treasury 10+ Index, 4% Bloomberg Barclays US Aggregate Total Return Value Unhedged USD Index, 4% Bloomberg US Corporate Credit 1-3 Year Index |
| Fixed Income - Credit | Fixed Income | — | — | Blend of 5% Securitized (50% Bloomberg Non-Agency CMBS ; 33.33% Bloomberg ABS ; 16.67% JP Morgan CLOIE AAA ), 2.5% Morningstar LSTA Leverage Loan , 2.5% JP Morgan Emerging Market Bond Global DiversifiedBlend of 5% Securitized (50% Bloomberg Non-Agency CMBS Index; 33.33% Bloomberg ABS Index; 16.67% JP Morgan CLOIE AAA Index), 2.5% Morningstar LSTA Leverage Loan Index, 2.5% JP Morgan Emerging Market Bond Global Diversified Index |
| Private Equity | Private Equity | — | — | Actual time-weighted Private Equity returns |
| Private Credit | Private Credit / Debt | — | — | Actual time-weighted Private Credit returns |
| Private Real Assets | Real Assets / Infrastructure | — | — | Actual time-weighted Private Real Assets returns |