003 · Benchmarks
Pennsylvania Municipal.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Equities | Public Equity | 52% | 47–57% | MSCI ACWI IMIMSCI ACWI IMI (net) |
| Domestic | Public Equity | 31.5% | 26.5–36.5% | — |
| Global | Public Equity | 4% | 0–8% | — |
| International | Public Equity | 16.5% | 11.5–21.5% | — |
| Real Estate | Real Estate | 7% | 2–12% | NCREIF ODCE |
| Timber | Real Assets / Infrastructure | 5% | 0–10% | NCREIF Timberland |
| Private Infrastructure | Real Assets / Infrastructure | 5% | 0–10% | CPI+3% |
| Private Credit | Private Credit / Debt | 5% | 0–10% | S&P UBS Leveraged LoanS&P UBS Leveraged Loan Index |
| Fixed Income | Fixed Income | 26% | 21–31% | Bloomberg AggregateBbg Barclays Aggregate |
| Investment Grade | Fixed Income | 20% | 15–25% | — |
| Opportunistic Credit | Private Credit / Debt | 5% | 0–10% | 50% Bloomberg Barclays US High Yield/50% CS Lev Loans50% Bbg Barclays US High Yield/50% CS Lev Loans |
| Cash | Cash | 1% | 0–5% | BofAML 90-Day T-Bill |
| Domestic Equities | Public Equity | — | — | Russell 3000 |
| Global Equities | Public Equity | — | — | MSCI ACWI Min Vol |
| International Equities | Public Equity | — | — | MSCI ACWI ex US IMIMSCI ACWI ex U.S. IMI (net) |
| Investment Grade Fixed Income | Fixed Income | — | — | Bloomberg AggregateBbg Barclays Aggregate |