Dallas Employees' Retirement Fund returned 16.9% for the year ended Dec. 31, surpassing the policy benchmark of 15.7%, said Cheryl Alston, executive director.
The public real assets portfolio was the top performer with a 36.9% return. All allocations to public equity had strong performances as well, with domestic equity returning 33.3%; global equity, 21.5%; and international equity, 20.5%. Ms. Alston said the international equity return was 470 basis points above the benchmark.
Private real estate returned 13.7%, followed by private equity, 12.5%; high-yield fixed income, 6.9%; REITs, 1.8%; and global fixed income, -1.6%. Private equity returns lag one quarter.
The $3.3 billion pension fund had a three-year annualized return of 10.5% and five years, 15.35%.