Historical Fund Performance

*As described in paragraph 5 of the Investment Policy Statement (IPS): “The Fund’s current ‘Short-Term Investment Objective’ is to meet or exceed the return of the Policy Benchmark over the short-term (3 years)”.

The numbers are preliminary and reflects the private market valuation (with 3-month lag) the previous quarter, and subject to change when the final numbers are posted.

The numbers are preliminary and reflects the private market valuation (with 3-month lag) the previous quarter, and subject to change when the final numbers are posted.

The benchmark is composed of the MSCI North America Index from inception date to 30 September 2018.
Starting 1 October 2018, MSCI North America ESG Custom Index is used (MSCI North America Index from which tobacco and armaments securities are excluded).
Numbers are rounded off to the single decimal point.
(Data from independent Master Record Keeper)

Following the MSCI classification, for both the portfolio and the benchmark, Middle East Developed Countries have been included in the Europe Equities portfolio starting 1 June 2010.
The benchmark is composed of the MSCI Europe Index from inception date to 31 May 2010. Starting 1 June 2010, in order to reflect the new MSCI classification, it has been renamed as MSCI Europe + Middle East Index. Starting 1 October 2018, MSCI Europe + Middle East ESG Custom Index is used (MSCI Europe + Middle East Index from which tobacco and armaments securities are excluded).
(Data from independent Master Record Keeper)

The benchmark is composed of the MSCI Pacific Index from inception date to 30 September 2018.
Starting 1 October 2018, MSCI Pacific ESG Custom Index is used (MSCI Pacific Index from which tobacco and armaments securities are excluded).
Numbers are rounded off to the single decimal point.
(Data from independent Master Record Keeper)

The benchmark is composed of the MSCI Emerging Markets Index from inception date to 30 September 2018.
Starting 1 October 2018, MSCI Emerging Markets ESG Custom Index is used (MSCI Emerging Markets Index from which tobacco and armaments securities are excluded).
Numbers are rounded off to the single decimal point.
(Data from independent Master Record Keeper)

The benchmark is composed of the Bloomberg Barclays Global Aggregate Index from inception date to 30 September 2019. Starting 1 October 2019, the Bloomberg Barclays Enhanced Liquidity Fixed Income Index is used (this index is composed of 50% of Bloomberg Barclays US Securitized Index, 35% of Bloomberg Barclays US Treasury Index and 15% of Bloomberg Barclays EM Local Currency Government 10% Country Capped Index).
Numbers are rounded off to the single decimal point.
(Data from independent Master Record Keeper)

The benchmark used is the NCREIF ODCE Net Return + 1%.
Numbers are rounded off to the single decimal point.
(Data from independent Master Record Keeper)

 * Inception Date is 31 July 2010
The benchmark is composed of the MSCI All Country World (MSCI ACWI) Index + 2% from inception date to 30 September 2018. Starting 1 October 2018, the MSCI ACWI ESG Custom Index (MSCI ACWI Index from which tobacco and armaments stocks are excluded) + 2% is used
(Data from independent Master Record Keeper)

 * Inception Date is 30 September 2011
The benchmark is the US CPI (Consumer Price index) + 4%
(Data from independent Master Record Keeper)

The numbers are preliminary and reflects the private market valuation (with 3-month lag) the previous quarter, and subject to change when the final numbers are posted.

The numbers are preliminary and reflects the private market valuation (with 3-month lag) the previous quarter, and subject to change when the final numbers are posted.

Nominal returns are annualized.
Nominal returns and the US-CPI are rounded off to the single decimal point.
Real returns are calculated using a geometric difference.
Excess of 3.5% is calculated using a geometric difference.
Quarterly numbers are provided with one quarter lag due to delays in obtaining valuations for Alternative Investments, Real Estate, and other Private Markets Investments.
Year-end numbers are up-to-date and usually available by end of April the following year.
(Data from independent Master Record Keeper)