003 · Benchmarks
New Mexico Educational.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Domestic Equities | Public Equity | 17% | 8–30% | — |
| International Equities | Public Equity | 14% | 5–25% | — |
| Opportunistic Credit | Private Credit / Debt | 16% | 0–30% | 50% ICE BofA US High Yield BB-B (2% constrained) / 50% CSFB Leveraged Loan50% Merrill Lynch U.S. High Yield BB-B (2% constrained)/50% CSFB Levered Loan Index |
| Core Bonds | Fixed Income | 6% | 0–20% | Bloomberg US AggregateBarclays Capital Aggregate Bond Index |
| Emerging Market Debt | Fixed Income | 2% | 0–8% | JPM GBI-EM Global Diversified (Unhedged)JP Morgan GBI-EM Global Diversified (Unhedged) |
| Real Estate/REITs | Real Estate | 8% | 0–15% | NCREIF NPI/Wilshire REITNCREIF Property Index/Wilshire REIT Index |
| Real Assets | Real Assets / Infrastructure | 9% | 0–16% | CPI + 4% |
| Private Equity | Private Equity | 15% | 0–24% | State Street Private Equity (All PE)State Street Private Equity Index (All PE) |
| Global Tactical Asset Allocation | Hedge Funds / Absolute Return | 2% | 0–6% | LIBOR + 2%LIBOR +200 basis points |
| Risk Parity | Hedge Funds / Absolute Return | 3% | 0–6% | LIBOR + 2%LIBOR +200 basis points |
| Other Diversifying Assets | Hedge Funds / Absolute Return | 7% | 0–12% | — |
| Cash | Cash | 1% | 0–25% | — |
| Total Equities | Public Equity | — | 15–55% | — |
| Total Fixed Income | Fixed Income | — | 10–58% | — |
| Total Alternatives | Multi-Asset / Other | — | 10–65% | — |
| Domestic Equities - Large Cap | Public Equity | — | — | S&P 500 |
| Domestic Equities - Small/mid Cap | Public Equity | — | — | Russell 2500 |
| International Equities - Developed | Public Equity | — | — | MSCI EAFE |
| International Equities - Emerging Markets | Public Equity | — | — | MSCI Emerging Markets |
| Other | Multi-Asset / Other | — | — | LIBOR + 2%LIBOR +200 basis points |