Public Assets

Public equity

Public equities consist of publicly traded marketable securities which are traded on a regulated exchange. The public equity markets cover various market capitalization segments and styles in both domestic and international markets. TRSL oversees all investments in this asset class which include program structure, policy development, implementation, external investment manager selection, and program monitoring. TRSL’s public equities are managed both passively and actively in the domestic and international markets by various domestic and international managers.

Fixed income

Fixed income investments are a necessary component of institutional investment portfolios in order to ensure portfolio diversification while providing a reliable source of income. With a low correlation to equity securities, fixed income investments help reduce overall volatility. Examples include investment grade U.S. treasuries, federal agencies, corporate bonds, asset-backed securities (ABS), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS). TRSL’s investments are managed externally by various domestic and global managers.  
 

Public Assets: Market Value and Returns (as of October 31, 2024)
Account	Total Market Value ($) in millions	Fiscal Year Ending (%)	1-Yr Ending (%)	5-Yrs Ending (%)	10-Yrs Ending (%)
Total Fund	26,863	2.34	14.16	7.97	7.84
TRSL Policy Benchmark		4.01	21.54	8.35	7.89
Total Publicly Traded	13,757	4.55	25.95	6.36	6.55
TRSL Public Benchmark		4.19	26.60	7.85	7.14
U.S. Equity	5,919	6.22	36.40	11.56	10.43
Russell 3000 Index		5.45	37.86	14.60	12.44
International Equity	3,182	2.88	26.51	4.59	5.15
MSCI EAFE Dividend Index		1.43	22.97	6.24	5.27
Global REIT	416	10.13	29.88	0.98	N/A
FTSE EPRA/NAREIT Dev Index Tri USD		10.17	28.46	-0.15	2.86
U.S. Fixed Income	1,741	3.04	12.80	0.81	2.17
Bloomberg Cap Aggregate Bond Index		2.59	10.55	-0.23	1.49
Global Fixed Income	1,020	2.41	10.37	0.33	1.51
Bloomberg Cap Global Aggregate Bond Index		3.40	9.55	-1.64	0.23
Multi-Asset Credit	1,132	3.54	13.37	N/A	N/A
TRSL Multi-Asset Credit Benchmark		4.02	15.09	N/A	N/A
Unallocated Cash	347
NOTE: Performance is net of fees. Slight rounding variance may occur.