Texas County & District Retirement System, Austin, beat its policy benchmark in every reported period ended June 30 within a range of 80 basis point to 180 basis points over the past 30 years.
Net returns of the $30.2 billion fund for periods ended June 30 were 9.3% for one year, compared to 8.2% for its benchmark; three years, 6.7% (benchmark, 5.9%); five years, 8% (6.8%); 10 years, 6.3% (5.3%); 15 years, 7.3% (6.6%); 20 years, 6.9% (6.1%); and 30 years, 8.3% (7.1%).
Multiyear returns are annualized.
TCDRS produced a net return of 12.8% for the year ended June 30, 2017, vs. 12.2% for the policy benchmark.
As of June 30, the fund's asset allocation was hedge funds, 21.7%; U.S. equities, 16.8%; private equity, 13%; international developed market equities, 11.1%; emerging market equities, 7.8%; strategic credit, 7.4%; investment-grade bonds, 5.4%; direct lending, 4.2%; master-limited partnerships, 3.9%; real estate investment trusts, 2.3%; private real estate, 2.1%; global equities, 1.9%; distressed debt, 1.6%; and cash, 0.8%.