Investments


Total Fund Investment Returns
As of March 31, 2009

 
Fiscal Year
To Date*
1 Year
3 Years
5 Years
7 Years
10 Years
PSRS
-25.4%
-26.1%
-6.4%
-0.2%
1.8%
2.2%
PEERS
-25.0%
-25.6%
-6.2%
-0.1%
1.9%
2.3%
Policy Benchmark**
-26.1%
-27.0%
-6.8%
-0.7%
1.5%
1.8%
Public Fund Median***
-26.3%
-26.5%
-6.2%
0.3%
2.1%
2.3%

Investment Returns

The Board has established a long-term goal to achieve a total investment return of at least 8.0 percent per year and a real rate of return of at least 4.75 percent per year.  The real rate of return is the rate by which the long-term total return exceeds the inflation rate.  The annualized investment returns for all time periods are significantly less than the long-term investment objective of 8.0 percent due to the severe credit crisis and resulting market decline experienced during 2008, and continuing into the first quarter of 2009.  The ten-year annualized total returns of 2.2 percent for PSRS and 2.3 percent for PEERS exceed the policy benchmark return of 1.8 percent.

*

The Retirement Systems’ 2009 Fiscal Year began on July 1, 2008.

**

The Policy Benchmark is comprised of 43.0% Russell 3000 Index, 20.0% Barclays Capital Treasury Blend, 17.5% MSCI All Country World ex-U.S. Free Index, 7.0% Absolute Return of 8%, 6.0% NCREIF Property Index, 5.0% Barclays Capital U.S. TIPS 1-10 Year Index and 1.5% FTSE NAREIT Equity Index.

***

The Public Fund Median reflects the median performance of a Trust Universe Composite Series (TUCS) universe comprised of a number of public pension plans with assets greater than $1.0 billion.

   
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