Texas Permanent School Fund's gross returns exceeded its policy benchmark in all periods ended June 30, an investment report showed.
Performance of the Austin-based $32.5 billion educational endowment was 2.9% in the quarter compared to 2.7% for the benchmark, one year, 12.1% (benchmark, 11.1%); three years, 4.6% (4.1%); five years, 8.3% (7.8%); and 10 years, 5.1% (4.7%).
The school fund's strategic asset allocation as of June 30 was 14% large-cap developed country and large-cap emerging markets equity; 13% each large-cap U.S. equity and private equity; 12% domestic investment-grade fixed income; 10% each hedge funds and real estate; 7% each emerging markets debt and risk parity; 5% small- to midcap U.S. equities; and 3% each emerging markets equity, commodities and Treasury inflation-protected securities, according to the report.
