003 · Benchmarks
Ohio PERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Public Equity | Public Equity | 40% | 32–48% | — |
| Fixed Income | Fixed Income | 15% | 11–20% | — |
| Alternatives | Multi-Asset / Other | 34% | 24–44% | — |
| Risk Mitigation Strategies | Multi-Asset / Other | 10% | 0–15% | Custom benchmark based on target weights of underlying sub-asset class allocationsCustom benchmark based on the target weights of the underlying sub-asset class allocations |
| Risk Parity | Hedge Funds / Absolute Return | 1% | 0–5% | S&P Risk Parity 10% Vol Target (USD)S&P Risk Parity Total Return Index 10% Vol Target (USD) |
| Operating Cash | Cash | 0% | 0–5% | — |
| U.S. Equity | Public Equity | — | — | Russell 3000Russell 3000 Index |
| Non-U.S. Equity | Public Equity | — | — | Custom benchmark of 55% MSCI World ex US Standard, 10% MSCI World ex US Small Cap, 31% MSCI Emerging Markets Standard, 4% MSCI Emerging Markets Small CapCustom benchmark of 55% MSCI World Index ex U.S. Standard, 10% MSCI World Index ex U.S. Small Cap, 31% MSCI Emerging Markets Standard, 4% MSCI Emerging Markets Small Cap |
| Core Fixed | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Index |
| Investment Grade Credit | Fixed Income | — | — | Bloomberg US CorporateBloomberg U.S. Corporate Bond Index |
| Emerging Markets Debt | Fixed Income | — | — | Custom benchmark of 50% JP Morgan Emerging Markets Bond Global, 50% JP Morgan Government Bond -Emerging Markets Global DiversifiedCustom benchmark of 50% JP Morgan Emerging Markets Bond Index Global, 50% JP Morgan Government Bond Index-Emerging Markets Global Diversified |
| Securitized Debt | Fixed Income | — | — | Custom benchmark of 50% Bloomberg Non-Agency Investment Grade CMBS: BBB Unhedged USD, 50% Bloomberg Non-Agency CMBS Agg Eligible Value Unhedged USDCustom benchmark of 50% Bloomberg Non-Agency Investment Grade CMBS: BBB Total Return Index Unhedged USD, 50% Bloomberg Non-Agency CMBS Agg Eligible Total Return Index Value Unhedged USD |
| TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg U.S. TIPS Index |
| High Yield | Fixed Income | — | — | Bloomberg US Corporate High YieldBloomberg U.S. Corporate High Yield Index |
| U.S. Treasury | Fixed Income | — | — | Bloomberg US Treasury 1-5 YearBloomberg U.S. Treasury 1-5 Year Index |
| Private Equity | Private Equity | — | — | State Street Private Equity (SSPEI)State Street Private Equity Index (SSPEI) |
| Real Estate | Real Estate | — | — | Net NCREIF ODCE + 85 bpsNet NFI-ODCE plus 85 basis points |
| REITs | Real Estate | — | — | Dow Jones US Select Real Estate SecuritiesDow Jones U.S. Select Real Estate Securities |
| Hedge Funds | Hedge Funds / Absolute Return | — | — | Custom benchmark (HFRI single strategy indices weighted per AIP)Custom benchmark using the HFRI single strategy indices weighted by the target allocations listed in the AIP |
| Opportunistic | Multi-Asset / Other | — | — | Market value weight of underlying portfolio benchmarks |
| Commodities-All | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index |
| Gold | Real Assets / Infrastructure | — | — | Bloomberg Gold SubindexBloomberg Gold Subindex Total Return |
| Private Credit | Private Credit / Debt | — | — | S&P UBS Leveraged LoanS&P UBS Leveraged Loan Index |