Historical Fund Performance

Investments at a Glance
Weekly Fund Performance (preliminary unaudited numbers)
Monthly 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)”.

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Market Value of Assets

(As at 30 September 2022)

Investment Performance Versus Policy Benchmark

(As at 30 September 2022)

*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)”.

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(As at 30 September 2022)

Nominal returns and Policy Benchmark returns are rounded off to the single decimal point by Northern trust.
Nominal returns are annualized.
Quarterly numbers are provided with one quarter lag due to delays in obtaining valuations for Private Equity, 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)

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Investment Performance Versus Benchmark by Asset Class

As at 30 June 2022

North American Equities

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)

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Europe Equities

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)

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Asia Pacific Equities

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)

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Global Emerging Market Equities

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)

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Global Fixed Income

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)

*

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As at 30 September 2022

Real Estate

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)

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Private Equity

 * 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)

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Infrastructure

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

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Long Term Real Return

(As of June 2022)

*As described in paragraph 5 of the Investment Policy Statement (IPS): “The Fund’s current ‘Long-Term Investment Objective’ is to meet or exceed a 3.5% real rate of return (net of inflation, as measured by the US Consumer Price Index) in USD dollar terms annualized over the long term (15 years and longer)”.

Chart Note

(As of June 2022)

Nominal returns and Policy Benchmark returns are rounded off to the single decimal point by Northern trust.
Nominal returns are annualized.
Quarterly numbers are provided with one quarter lag due to delays in obtaining valuations for Private Equity, 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)

Chart Note

CSV  Excel  

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)

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Calendar Year Performance Analysis

(As at 30 June 2022)

CSV  Excel  

Quarterly returns for this period are not included in the annual statistics and are preliminary numbers for the plan and index.
(Data from independent Master Record Keeper)

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