003 · Benchmarks
Pennsylvania School Employees.
Targets, ranges and benchmarks as the document states them — the current effective oct 1 2023 portfolio, one of 2 in the document. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Equity Exposure | Public Equity | 42% | 37–47%+/- 5% | — |
| Public Equity | Public Equity | 30% | 25–35%+/- 5% | — |
| Private Equity | Private Equity | 12% | 8–16%+/- 4% | Burgiss oneBurgiss TR, one-quarter lagged |
| Fixed Income Exposure | Fixed Income | 33.5% | 28.5–38.5%+/- 5% | — |
| Real Asset Exposure | Real Assets / Infrastructure | 24.5% | 19.5–29.5%+/- 5% | — |
| Absolute Return | Hedge Funds / Absolute Return | 0% | 0–5% | — |
| Cash | Cash | 4.5% | — | ICE BofA 0-3-Month US T-BillICE BofAML 0-3 Month US Treasury Bill Index |
| Net Leverage | Multi-Asset / Other | 0% | 10% to -10% | — |
| Public Fixed Income | Fixed Income | — | +/- 5% | — |
| Private Credit | Private Credit / Debt | — | +/- 2% | S&P LSTA Leveraged Loan + 2%, oneS&P LSTA Leveraged Loan TR Index + 200bps, one-quarter lagged |
| Public Real Assets | Real Assets / Infrastructure | — | +/- 3% | — |
| Private Real Assets | Real Assets / Infrastructure | — | +/- 3% | — |
| U.S. Equity | Public Equity | — | — | S&P 1500S&P 1500 TR Index |
| Non-U.S. Equity | Public Equity | — | — | MSCI ACWI ex USA IMI Net (Developed Market Currencies 50% Hedged to USD)MSCI ACWI ex USA IMI Net TR Index (Developed Market Currencies 50% Hedged to USD) |
| Investment Grade | Fixed Income | — | — | Bloomberg US Aggregate Bond and Bloomberg US Long TreasuryBloomberg US Aggregate Bond TR Index and Bloomberg U.S. Long Treasury TR Index |
| Credit-Related (Public) | Fixed Income | — | — | J.P. Morgan EMD Aggregate and Bloomberg US Corporate High Yield BondJ.P. Morgan EMD Aggregate Total Return Index and Bloomberg US Corporate High Yield Bond Index |
| Inflation Protected | Real Assets / Infrastructure | — | — | Bloomberg US Government Inflation-Linked Bond All MaturitiesBloomberg US Government Inflation-Linked Bond All Maturities TR Index |
| Public Infrastructure | Real Assets / Infrastructure | — | — | FTSE Developed Core Infrastructure 50/50 Net (Hedged to USD)FTSE Developed Core Infrastructure 50/50 Net TR Index (Hedged to USD) |
| Commodities | Real Assets / Infrastructure | — | — | Bloomberg Commodity and Bloomberg Gold SubindexBloomberg Commodity TR Index and Bloomberg Gold TR Subindex |
| Public Real Estate | Real Estate | — | — | FTSE EPRA/NAREIT Developed Net (Hedged to USD)FTSE EPRA/NAREIT Developed, Net TR Index (Hedged to USD) |
| Private Infrastructure | Real Assets / Infrastructure | — | — | FTSE Developed Core Infrastructure 50/50 Net (Hedged to USD), oneFTSE Developed Core Infrastructure 50/50 Net TR Index (Hedged to USD), one-quarter lagged |
| Private Real Estate | Real Estate | — | — | NFI and Burgiss , oneNFI and Burgiss TR, one-quarter lagged |
| Financing Cost of Leverage | Multi-Asset / Other | — | — | 3-Month Term SOFR |