Texas Teacher Retirement System, Austin, returned 3.8% for the fourth quarter and 1.85% for calendar year 2011, lagging the pension fund's internal benchmark of 3.9% for both time periods, according to performance information presented Thursday to trustees of the $110 billion retirement system.
As of Dec. 31, the retirement system returned an annualized 12% for three years, 2.3% for five years and 5.5% for 10 years; the benchmark returns were 11.7%, 2.5% and 5.5%, for the respective periods.
For the year, the best-performing portfolios were stable value, up 17%; TIPS, 13.6% and real assets, 12.7%. Weakest returns were total global equity, down 6.2% and commodities, down 4.9%.
