003 · Benchmarks
West Virginia Investment Management Board.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| TIPS | Fixed Income | — | ±5% of total plan assets | Bloomberg 1-10 Year Treasury Inflation Protected Securities (TIPS)Bloomberg 1-10 Year Treasury Inflation Protected Securities (TIPS) Index |
| Cash | Cash | — | ±5% of total plan assets | FTSE 3-Month T-BillFTSE 3 Month T-Bill Index |
| Domestic Equity (Large Cap) | Public Equity | — | — | S&P 500S&P 500 Index |
| Domestic Equity (Non-Large Cap) | Public Equity | — | — | Russell 2500Russell 2500 Index |
| Domestic Equity (Overall) | Public Equity | — | — | Russell 3000Russell 3000 Index |
| International Equity (Overall) | Public Equity | — | — | MSCI ACWI IMIMSCI ACWI (IMI) |
| International Equity (ex-US) | Public Equity | — | — | MSCI ACWI ex-US IMIMSCI ACWI ex-U.S. (IMI) Index |
| International Equity (Small Cap) | Public Equity | — | — | MSCI EAFE Small CapMSCI EAFE Small Cap (Net) Index |
| International Equity (Emerging Markets) | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Markets Index |
| International Equity (Developed) | Public Equity | — | — | EAFEEAFE Index |
| International Equity (Emerging Markets - Numeric) | Public Equity | — | — | MSCI Emerging Markets Net USDMSCI Emerging Markets Net Total Return USD Index |
| International Equity (Ex-US Small Cap Growth) | Public Equity | — | — | MSCI World Ex-US Small Cap GrowthMSCI World Ex-US Small Cap Growth (Net) Index |
| Fixed Income (Core) | Fixed Income | — | — | Bloomberg US AggregateBloomberg Barclays U.S. Aggregate Index |
| Fixed Income (Total Return) | Fixed Income | — | — | Bloomberg US UniversalBloomberg Barclays U.S. Universal Index |
| Fixed Income (Emerging Markets) | Fixed Income | — | — | 50% JPM EMBI Global Diversified ex GCC + 50% JPM GBI-EM Global Diversified50% JPM EMBI Global Diversified Index ex GCC + 50% JPM GBI-EM Global Diversified Index |
| Fixed Income (Credit Opportunities) | Fixed Income | — | — | ICE Bank of America High YieldICE Bank of America High Yield Index |
| Fixed Income (Strategic Income) | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| Short-Term Pool | Cash | — | — | FTSE 3-Month T-BillFTSE 3 Month T-Bill Index |
| Portable Alpha Pool | Hedge Funds / Absolute Return | — | — | S&P 500S&P 500 Index |
| Portable Alpha - Equity Beta Replication | Hedge Funds / Absolute Return | — | — | S&P 500 minus SOFR minus 15bpsS&P 500 Index minus SOFR minus 15bps |
| Portable Alpha - Alternative Risk Premia | Hedge Funds / Absolute Return | — | — | FTSE 3-Month T-Bill + 2%FTSE 3 Month T-Bill Index + 200 basis points |
| Portable Alpha - Government Securities | Hedge Funds / Absolute Return | — | — | Bloomberg Barclay's Capital US Government BondBloomberg Barclay's Capital U.S. Government Bond Index |
| Absolute Return Pool | Hedge Funds / Absolute Return | — | — | Hedge Funds Research, Inc. Fund-of-Funds Composite + 1%Hedge Funds Research, Inc. Fund-of-Funds Composite Index + 100 basis points |
| Private Equity | Private Equity | — | — | Cambridge LLC Global Private EquityCambridge Associates LLC Global Private Equity Index |
| Private Equity (Secondary) | Private Equity | — | — | Russell 3000 + 3%Russell 3000 Index + 300 basis points |
| Private Credit & Income | Private Credit / Debt | — | — | Morningstar LSTA US Leveraged Loan plus 150 basis pointsMorningstar LSTA U.S. Leveraged Loan Index plus 150 basis points |
| Private Credit & Income (Secondary) | Private Credit / Debt | — | — | Secured Overnight Financing Rate (SOFR) plus 400 basis points |
| Real Estate | Real Estate | — | — | NCREIF ODCE + 1%NFI-ODCE (net) + 100 basis points |
| Real Estate (Secondary) | Real Estate | — | — | NCRIEF NPI + 1%NCRIEF NPI + 100 basis points |