Texas Employees Retirement System, Austin, returned 14.3% for the year ended Dec. 31, surpassing the policy benchmark return by 50 basis points, according to documents prepared for the pension fund's board meeting Tuesday.
Domestic equity was the best performer for the year, with a 32.3% return, followed by infrastructure, 19.3%; private equity, 16.9%; international equity, 16.5%; private real estate, 11.9%; hedge funds, 9.1%; public real estate, 4.5%; global credit, 2.6%; and domestic fixed income, -1.4%.
The $25.3 billion pension fund returned an annualized 8.9% for the three-year period ended Dec. 31, 20 basis points above the benchmark; 12.1% for five years, 20 basis points below the benchmark; and 6.8% for 10-year returns, 30 basis points above the benchmark.