KEYWORDS: assets under management, benchmark, California, CalPERS, defined benefit pension, Equity markets, fixed income, Hedge Fund Research, hedge funds, index, MSCI, New Jersey Division of Investment, New York City Retirement Systems, Pennsylvania Public School Employees’ Retirement System, pensions, portfolio diversification, Private Equity, Public Pension, real estate asset managers, S&P 500, State of Wisconsin Investment Board, Virginia Retirement System
Aaron M. Cunningham, CAIA; Peter Charney
Pensions & Investments
Asset class benchmarks have a vital role for trustees and pension fund staff. Pensions & Investments collected benchmark usage information from the annual reports, investment policy statements and direct contact of the 50 largest public defined benefit plans in the U.S. This executive summary provides commentary and information on benchmark usage of the funds by main asset classes. The 50 plans oversee more than $2.4 trillion in assets.