003 · Benchmarks
Rhode Island Municipal.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Growth | Multi-Asset / Other | 55% | — | — |
| Public Growth | Multi-Asset / Other | 40% | 38–42%+/- 2% | MSCI ACWIMSCI All Country World Index (Net Dividends) |
| Private Growth | Multi-Asset / Other | 15% | 11–19%+/- 4% | — |
| Private Equity | Private Equity | 12.5% | — | Cambridge Private Equity and Venture Capital AggregatedCambridge Associates Private Equity and Venture Capital Aggregated Index, 1Q Lag |
| Non Core Real Estate | Real Estate | 2.5% | — | — |
| Income | Multi-Asset / Other | 12% | 10–14%+/- 2% | — |
| Equity Options | Public Equity | 2% | — | CBOE Put-WriteCBOE Put-Write Index |
| CLOs | Fixed Income | 2% | — | — |
| Liquid Credit | Fixed Income | 5% | — | Bloomberg US High YieldBank of America US HY Index |
| Private Credit | Private Credit / Debt | 3% | — | Cambridge Senior DebtCambridge Associates Senior Debt Index, 1Q Lag |
| Stability | Multi-Asset / Other | 33% | — | — |
| Crisis Protection Class | Multi-Asset / Other | 10% | 8–12%+/- 2% | — |
| Systematic Trend Following | Hedge Funds / Absolute Return | 5% | — | Credit Suisse Managed Futures (18% Target Volatility)Credit Suisse Managed Futures Index (18% Target Volatility) |
| Long Duration Treasuries | Fixed Income | 5% | — | Bloomberg Long TreasuryBloomberg Barclays Long Duration US Treasury Bond Index |
| Inflation Protection | Real Assets / Infrastructure | 8% | 5–11%+/- 3% | — |
| Private Real Assets | Real Assets / Infrastructure | 4% | — | — |
| Core Real Estate | Real Estate | 4% | — | NCREIF ODCENFI-ODCE Index, 1Q Lag |
| Volatility Protection | Multi-Asset / Other | 15% | 13–17%+/- 2% | — |
| Absolute Return | Hedge Funds / Absolute Return | 6.5% | — | HFRI Fund of FundsHFRI Fund of Funds Index |
| Investment Grade Fixed Income | Fixed Income | 6.5% | — | — |
| Strategic Cash | Cash | 2% | — | ICE BofA 0-1 Year US TreasuryBank of America Merrill Lynch 0-1 Year U.S. Treasury Index |
| Non-Core Real Estate | Real Estate | — | — | Cambridge Value Add Real EstateCambridge Associates Value Add Real Estate Index, 1Q Lag |
| Collateralized Loan Obligations (CLOs) | Fixed Income | — | — | JPM CLOIE BBJPM CLOIE BB Index |
| Private Real Assets (ex-Real Estate) | Real Assets / Infrastructure | — | — | Cambridge Private InfrastructureCambridge Associates Private Infrastructure Index, 1Q Lag |
| Investment Grade Fixed Income (ex-Treasuries) | Fixed Income | — | — | 50% Bloomberg US Corporate + 50% Bloomberg Securitized MBS/ABS/CMBS50% Bloomberg Barclays US Corporate Bond Index + 50% Bloomberg Barclays Securitized MBS/ABS/CMBS Index |