003 · Benchmarks
Maryland State Retirement and Pension System.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| U.S. Equity | Public Equity | 17% | — | — |
| International Developed Equity | Public Equity | 11% | — | — |
| International Emerging Markets | Public Equity | 6% | — | — |
| Private Equity | Private Equity | 16% | — | MSCI ACWI + 2%; State Street Private Equity CompositeMSCI ACWI + 200 bp; State Street Private Equity Composite |
| Long-Term Government Bonds | Fixed Income | 10% | — | — |
| Securitized Bonds | Fixed Income | 3% | — | — |
| Corporate Bonds | Fixed Income | 3% | — | — |
| Inflation-Linked Bonds | Real Assets / Infrastructure | 4% | — | — |
| High Yield Bonds & Bank Loans | Fixed Income | 8% | — | — |
| Emerging Market Debt | Fixed Income | 1% | — | — |
| Real Estate | Real Estate | 10% | — | NCREIF ODCE + 0.4%NCREIF ODCE (net) + 40bp |
| Natural Resources & Infrastructure | Real Assets / Infrastructure | 5% | — | 20% S&P Global Natural Resources, 80% DJ-Brookfield Infrastructure |
| Absolute Return | Hedge Funds / Absolute Return | 6% | 2–10%+/- 4 | Asset Weighted Combination of: 50% HFRI Relative Value , 25% HFRI Global Macro , 25% Event DrivenAsset Weighted Combination of: 50% HFRI Relative Value Index, 25% HFRI Global Macro Index, 25% Event Driven Index |
| Growth/Equity | Public Equity | — | +/- 7 | — |
| Rate Sensitive | Multi-Asset / Other | — | +/- 5 | 50% Barclays Long-Term Government, 15% Barclays Securitized, 15% Barclays Corporate, 20% Barclays US TIPS50% Barclays Long-Term Government, 15% Barclays Securitized, 15% Barclays Corporate, 20% Barclays U.S. TIPS |
| Credit | Fixed Income | — | +/- 4 | — |
| Real Assets | Real Assets / Infrastructure | — | +/- 4 | — |
| Private Equity Buyout | Private Equity | — | 60–90% | — |
| Private Equity Venture/Growth | Private Equity | — | 10–25% | — |
| Private Equity Special Situations | Private Equity | — | 10–30% | — |
| Real Estate Core | Real Estate | — | 50–100% | — |
| Real Estate Value Add | Real Estate | — | 0–25% | — |
| Real Estate Opportunistic | Real Estate | — | 0–25% | — |
| Real Estate REITs | Real Estate | — | 0–30% | — |
| Public Equity | Public Equity | — | — | 50% Russell 3000 , 32% MSCI World Ex-US, 18% MSCI EM50% Russell 3000 Index, 32% MSCI World Ex-U.S., 18% MSCI EM |
| Credit - U.S. | Fixed Income | — | — | 80% Barclays US High Yield, 20% S&P/LSTA Leveraged Loan80% Barclays U.S. High Yield, 20% S&P/LSTA Leveraged Loan |
| Credit - Non-U.S. | Fixed Income | — | — | 50% Bloomberg/Barclays EM Hard Sovereign, 50% Bloomberg/Barclays EM USD Agg Corp |