Preliminary returns of the $57.6 billion Illinois Teachers' Retirement System, Springfield, trailed those of its policy index in reporting periods ended Dec. 31.
The one-year return of the system was 7.9% (benchmark, 11.96%); three years, 6.5% (8.8%); five years, 8.3% (9.6%); seven years, 7.1% (8.2%); 10 years, 7.9% (8.8%); 15 years, 6.5% (7.2%); and 20 years, 6.5% (6.8%).
Multiyear returns are annualized.
The investment report noted that the system's illiquid asset classes are marked to market as of Sept. 30.
During a virtual investment committee of the system, Investment Director Greg Truk told trustees that many of the illiquid strategies performed well in the fourth quarter of 2020. He added that actual performance of the system's portfolio for the year ended Dec. 31 likely will improve once all asset class returns are included in the composite.