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Welcome to the ... ’s annual report for the financial ... Annual Report has been produced to provide ... , scheme members, elected members and ... interested parties with information concerning the ... for financial year 2024/2025 and we hope you find its content useful ... Asset Allocation The main determinant of the Fund’s long-term performance is the strategic allocation of assets. The following table shows the Fund’s actual asset allocation against its target strategic allocation at 31.03.25

Investment Report December 31, 2025 ... Investment Report As of December 31, 2025 ... Howard County, Maryland invests public funds in a manner that will conform to all State of Maryland and County statutes governing the investment of public funds while meeting its daily cash flow demands and providing a return that most closely matches the three-month Treasury bill yield. ... Summary of Portfolio Composition: ... CURRENT MONTH PRIOR MONTH General Fund $1,113,180,818 $933,971,447 ... All…

STATE UNIVERSITIES RETIREMENT SYSTEM ... Financial Audit For the Year Ended June 30, 2025 ... This digest covers the financial statement audit of the State Universities Retirement System (System) as of and for the year ended June 30, 2025. ... STATE UNIVERSITIES RETIREMENT SYSTEM FINANCIAL AUDIT For the Year Ended June 30, 2025 ... Net appreciation in fair market value ... ... Interest ... 225,455,0 ... 7 212,484, ... 23 Dividends ... 324,086,773 286,7 ... 7,571 Securities lending ... 8

e The Detroit General Retirement System ... e The Detroit Police & Fire Retirement System ... Pursuant to Emergency Manager Order No. 8 (EMO8), the Auditor General (AG) and the Inspector General (IG) conducted a joint investigation into the City’s pension and health care benefits offered to employees and retirees. The scope of this investigation was an independent review of the City’s administration of employee benefits during the ... period of July ... 1, 2011 through March 31, 2013.

Real Estate and Property Taxes:  The County’s median price for a single family home increased from $890,000 in FY 2023-24 to $941,000 in FY 2024-25. This is a 5.7% increase from the prior year. The local real estate market remains competitive, and home prices continue to trend upwards.  Discretionary property tax receipts were $176.5 million in FY 2024-25, an increase of 4.2% over the prior year. ...  The total tax levy on secured property, which excludes unsecured property, direct charges, a

ACTUARIAL REVIEW OF THE SEPTEMBER 30, 2024 ACTUARIAL VALUATION REPORT ... In accordance with La. R.S. 11:127(C) and 24:513(C)(1), the Louisiana Legislative Auditor has conducted an Actuarial Review for the Parochial Employees’ Retirement System of Louisiana (PERS or System). ... The following presents the results of our Actuarial Review of PERS’ December 31, 2024 Actuarial Valuation, prepared by Curran Actuarial Consulting, Ltd. and dated June 9, 2025. In doing so, we have reviewed certain a

Annual Program Review As of Quarter Ending on March 31, 2024 Sarah Corr, Managing Investment Director Real Assets June 10, 2024 Contents ... Program Overview Market Environment Portfolio Performance and Risk Analysis Key Initiatives ... • Provide stable and predictable cash yield, diversification of equity risk, and inflation protection • Returns predominantly derived from income • Real Estate provides stable cash yield under long term ... with good credit tenants • Infrastructure…

As of December 31, 2024 ... The table below displays trailing time period performance for the Pennsylvania State Employees’ Retirement System (“PA SERS”) Real Estate Portfolio as of December 31, 2024 along with select benchmarks ... ‒ The NCREIF Property Index, a benchmark of unlevered core real estate returns ‒ The C|A Non-Core Real Estate benchmark consists of non-core (value-add and opportunistic) closed-end real estate funds  The total real estate portfolio has generated a total net r

Executive Summary as of December 31, 20 ... as of December 3 ... , 2025 ... Disclaimer, Glossary, and Notes ... Page 2 ... Executive Summary as of December 31, 2025 ... Portfolio Preliminary Performance Highlights1 ... Performance Update as of December 31, 2025 ... | 12.0% | | 12.2% | | ¢£ Real Estate | 76,414,117 | | | 5.4 | | | 6.0 | | | -0.6 | | 4.0 - 8.0 | | | Yes | | ... | 6.0% | | 5.5% | | ¢£ Real Assets | 73,980,010 | | | 5.2 | | | 5.0 | | | 0.2 | | 3.0 - 7.0 | | |…

Overview of Fiscal Year 2025 The Comptroller of the City of New York serves as the investment advisor, the custodian, and a trustee for the five New York City public pension systems. The Comptroller works with the trustees of the systems to manage pension fund assets, valued at $294.6 billion as of June 30, 2025, ensuring the retirement security of more than 750,000 dedicated public servants—New York City’s current and retired teachers, firefighters, police officers, clerical workers, health…

This narrative discussion and analysis of the New York City Fire Pension Funds’ (“FIRE,” “Funds” or the “Plan”) financial performance provides an overview of the Funds’ combining financial activities for the Fiscal Years ended June 30, 2025 and 2024. It is meant to assist the reader in understanding the Funds’ combining financial statements by providing an overall review of the combining financial activities during the years and the effects of significant changes, as well as a comparison with…

E. Private Equity Strategic Plan. F. Real Assets Strategic Plan. G. Responsible Investing/Systemic Risk Strategic Update. H. Future of HiTIP Strategic Update. ... AND (3) AND HRS §92-5(a)(4), WITH RESPECT TO REAL ASSETS STRATEGIC PLAN ... Chair Kane announced that while in Executive Session, the Board discussed the following Updates: Total Fund Strategic Update; Global Credit Strategic Plan with Meketa Investment Group Inc.’s (Meketa) Tad Fergusson and Colin Bebee; Private Equity Strategic…

INVESTMENTS SJCERA’s diversified strategic asset allocation is designed to achieve SJCERA’s long-term objectives. For the year ended December 31, 2024, the total fund generated a gross of fees return of 8.9%, above the assumed rate of return of 6.75%. SJCERA’s multi-year annualized net returns of 3.6, 6.7 and 6.4%, for the three-, five- and ten-year periods respectively. As of December 31, 2024, the plan assets were approximately $4.7 billion. More information about SJCERA’s investments is…

Actual Percentage Domestic equities 53% 55.9% International equities 15 18.1 Fixed income instruments 26 25.9 Real estate 6 0.1 ... Real estate investments ... In August 2003, the Board approved the allocation of 6 percent of total assets in real estate investments. In order to diversify its investment, the Board plans to invest in Core and non-Core real estate. Core real estate is high-quality property that is substantially leased and produces a generally stable stream of income. These…

Performance Review and Market Summary Real Estate Mr. Schlitzer summarized Real Estate performance. The portfolio’s net asset value ended the quarter at $10.1 billion, equating to 9.6% of the PRIT fund. Total Real Estate returned -6.2% for the one-year period, resulting in benchmark outperformance of approximately 453 basis points. The private portfolio returned -7.2%, outperforming the benchmark by 479 basis points. PRIM’s REIT portfolio outperformed the benchmark by 46 basis points,…

Monthly Performance Review ... October 2025 ... Prepared for the New York City Employees’ Retirement System 12.2025 ... ................................................................................ ... ...............................6 ... 2025 ... …..……………………………………………………16 ... Real Estate Fund Supplemental Details...............................................................................................................................58 ... Real Estate Cash Flow…

Other private asset classes, including real estate, infrastructure, and natural resources (INR), and private ... credit, comprise just over 14 percent of total assets. Real estate generated a return of -4.80 percent yet ... outperformed its benchmark of -12.00 percent. INR and private credit each underperformed their ... benchmarks, at 4.11 percent vs. 7.60 percent for INR and 11.17 percent vs. 14.15 percent for private credit, ... Real Estate Fund (REF) 3,575,965,077 6.24% ... Real Estate…

Program Inception 2003 HL Relationship Inception 2 ... 07 Client Mandate Real Estate/Natural Resources Plan Size $17,660,113,311 Target Allocation RE: 8.0% / NR: 5.0% Current Allocation RE: 9.3% / NR: 8.1% PME Benchmark NCREIF Property Index/ CPI-U + 4% Client Reporting Currency USD ... | In $ millions | 4Q23 | 4Q24 | Change | | --- | --- | --- | --- | | Active Investments | 80 | 86 | 6 | | Exited Investments | 13 | 13 | - | | Active GPs | 32 | 35 | 3 | | Commitment | $4,862.9 | $5,186.9 | $324.

The real estate investment landscape in 2024 was marked by cautious optimism amid persistent macroeconomic uncertainty and evolving sector dynamics. Investor sentiment remained subdued yet hopeful, as attention focused on the potential for rate cuts in 2025. ... Real Estate ... The FIRST Fund portfolio was intentionally designed with a phased deployment strategy, starting with a foundation of core and core-plus real estate investments and gradually shifting toward a greater emphasis on…

MARCH 31, 2025 ... Mike Manning, CFA, CAIA, ... Mike Sullivan, Partner ... FINAL MONTHLY GROSS PERFORMANCE REPORT BOSTON RETIREMENT SYSTEM ... Allocation Market Value ($) % of Portfolio Policy(%) ... Inception Date Total Fund 7,328,563,228 100.0 100.0 -1.3 0.7 4.9 4.4 10.0 6.6 7.6 Aug-94 ... PRIT Core Fund/ ... * 2,578,721,923 -1.5 0.3 6.0 3.7 10.3 7.7 9.0 Jul- ... TOTAL FUND PERFORMANCE DETAIL (GROSS) ... - The Total Fund value does not include PRIT Core Fund/Teachers. - Mesirow S

Real Estate 2012 416.0 95.1 358.1 227.6 233.3 1.29 9.5 1.8 ... Real Assets 2016 283.2 117.2 180.2 74.5 157.1 1.29 10.9 2.3 ... As of December 31, 2024, the San Jose Police and Fire Department Retirement Plan had committed $862.0 million to 29 debt partnerships. The reported fair value of the aggregate Private Debt Program was $223.5 million at December 31, 2024, which equates to 4.2% of the overall Retirement Plan, slightly below the 5.0% policy target. ... | | Program Status | | Performance…

Performance Review and Market Summary Real Estate Mr. Schlitzer summarized Real Estate performance. Real Estate represented 9.1% of the PRIT fund at quarter end, below the allocation mid-point of 10%, but down slightly from fiscal year end, a result of strong equity markets. He focused on the one-year numbers, telling the Committee that Total Real Estate was down almost 5% for the year, with negative absolute performance primarily being driven by increases in the market cost of capital as w

Legacy Private Equity 2005 174.3 17.0 162.7 231.5 19.3 1.54 7.7 7.0 NB Fund of One 2017 383.3 83.9 239.2 57.0 382.2 1.84 17.9 10.2 Private Debt 2010 324.1 51.6 348.9 304.0 127.5 1.24 6.4 6.2 Real Estate 2007 279.7 37.5 274.1 220.8 123.5 1.26 6.1 4.4 Real Assets 2016 136.3 55.7 89.5 37.0 80.3 1.31 10.2 5.5 Venture Capital 2021 102.8 68.6 34.3 1.0 32.1 0.97 -2.3 5.9 Total 1,400.5 314.3 1,148.7 851.3 764.9 1.41 8.5 NA ... As of September 30, 2024, the Retirement System had committed $136.3…

Program Inception 2003 HL Relationship Inception 2 ... 07 Client Mandate Real Estate/Natural Resources Plan Size $17,660,113,311 Target Allocation RE: 8.0% / NR: 5.0% Current Allocation RE: 9.3% / NR: 8.1% PME Benchmark NCREIF Property Index/ CPI-U + 4% Client Reporting Currency USD ... | In $ millions | 4Q23 | 4Q24 | Change | | --- | --- | --- | --- | | Active Investments | 80 | 86 | 6 | | Exited Investments | 13 | 13 | - | | Active GPs | 32 | 35 | 3 | | Commitment | $4,862.9 | $5,186.9 | $324.

City of Phoenix Employees’ Retirement System ... , 202 ... Performance Summary ... Inception Date Total Fund 3,907,811,790 100.0 2.6 5.1 5.3 8.6 7.1 7.5 6.4 7.4 Dec-87 COPERS Policy Benchmark 1.7 4.6 5.2 9.3 8.1 8.8 7.2 8.3 COPERS Custom Benchmark 2.0 5.3 6.1 10.4 8.7 8.6 7.2 --Growth 1,871,877,984 47.9 US Equity 837,384,561 21.4 5.1 10.9 5.7 14.4 13.9 12.6 9.9 8.7 Mar-05 Russell 3000 Index 5.1 11.0 5.8 15.3 19.1 16.0 13.0 10.4 Developed Market Equity (non-U.S.) 415,380,559 10.6 2.3 12.

| Category | Results | Notes | | --- | --- | --- | | Total Fund Performance Return | Positive | 7.9% | | Performance vs. Policy Index | Underperformed | 7.9% vs. 13.8% | | 1 Performance vs. Peers | Underperformed | 7.9% vs. 9.5% median (77th percentile) | | Asset Allocation vs. Targets | Negative | Underweight global equity and overweight real estate hurt | | Public Active Management | Underperformed | 5 of 11 active public managers beat benchmarks | | DPFP Public Markets vs. 60/40 | 2…

Program Inception 2003 HL Relationship Inception 2007 Client Mandate Real Estate/Natural Resources Plan Size $17,660,113,311 Target Allocation RE: 8.0% / NR: 5.0% Current Allocation RE: 9.3% / NR: 8.1% PME Benchmark NCREIF Property Index/ CPI-U + 4% Client Reporting Currency USD ... | In $ millions | 4Q23 | 4Q24 | Change | | --- | --- | --- | --- | | Active Investments | 80 | 86 | 6 | | Exited Investments | 13 | 13 | - | | Active GPs | 32 | 35 | 3 | | Commitment | $4,862.9 | $5,186.9 | $324.0

Callan's performance measurement service may report on illiquid asset classes, including, but not limited to, private real estate,…

Pennsylvania SERS: Total Real Estate Portfolio. N/A. 5.5%. 2.3%. 1.0%. -10.0 ... Investment Level. Performance as of June 30, 2024. Page 16. ACTIVE INVESTMENTS.

New Mexico Educational Retirement Board. Fourth Quarter Report 2024. Real Estate Portfolio Diversification. Prior Year %. Prior Year $. Current Year %. Vintage.

Wilshire, Quarterly Investment Report - The Retirement Board and Investment Advisory Committee received the Executive Summary – 4th Quarter 2023 from Wilshire Advisors in electronic format. Felicia Bennett provided an overview of economic and market conditions. Brian Bubrick then provided the Total Fund Overview and reported the Tacoma Employees’ Retirement System’s net-of-fee rates of return. Ali Kazemi presented further details of individual asset manager performance returns and attribution, a

March 31, 2026 The Honorable Detroit City Council Coleman A. Young Municipal Center 2 Woodward Avenue Detroit, MI 48226 Re: FY 2026-2035 Long-Term Forecast Report for Legacy Pension Plans and Debt Obligations Dear Honorable City Council Members: The Office of the Chief Financial Officer (OCFO) respectfully submits its annual Long-Term Forecast Report for Legacy Pension Plans and Debt Obligations. The OCFO also publishes this report on the City’s website. This report is provided in accordance…

The real estate portfolio is managed to deliver risk-adjusted returns that are consistent with the long-term return expectations for the asset class.

VPIC generated a net investment return of 10.7% in fiscal year 2025, above median among US public pension fund peers.

Quarterly Review ... Orange County Employees Retirement System ... First Quarter of 2025 ... Inception Date Total Portfolio 24,501,704,753 100.0 0.87 (26) 5.93 (30) 5.08 (15) 10.19 (42) 7.26 (23) 5.05 (100) Dec-88 ... Global Public Equity 10,698,262,288 43.7 -1.68 (56) 5.94 (39) 7.05 (35) 15.70 (33) 9.04 (34) 5.48 (99) Dec-88 ... .32 (31) 7.99 (2 ... 11.63 (22) 6 ... 34 (100) ... Russell 3000 -4.72 (47) 7.22 (24) 8.22 (27) 18.18 (29) 11.80 (21) 10.82 (46) ... BlackRock Russell 1000 6

Value-Add Real Estate Performance Analysis Net of Fees. ©2026 ... Value Add Real Estate Fund Comparison – Portfolio Exposures.

MEMORANDUM DATE: February 13, 2026 TO: California State Teachers’ Retirement System FROM: RCLCO Fund Advisors – Taylor Mammen, Ben Maslan, Erik Ctvrtlik, Ethan Michalowski, and Gavin Bramwit SUBJECT: Semi-Annual Open Session Report; As of September 30, 2025 INTRODUCTION RFA’s semi-annual report is as of Q3 2025. Goals and objectives that the semi-annual report evaluates include: a real estate ... allocation target of 15%; a net return that exceeds the NCREIF NFI-ODCE ... , a hedge against

The following presentation provides an overview of performance and key drivers of. LACERA's Real Assets portfolio. The Real Assets and…

Quarterly Investment Performance Reports. Investment Measurement Service-Quarterly Review-March 31, 2026 · Investment Measurement Service-Quarterly…

Investment Performance Review March 31, 2026 ... Oklahoma Police Pension & Retirement System ... Tab 1 Market Overview Tab 2 Total Portfolio Summary Tab 3 Equity Tab 4 Fixed Income Tab 5 Real Assets Appendix Definitions of Statistical Measures Quality Rating Scale Historical Benchmark Composition © 2026 Asset Consulting Group All Rights Reserved ... Real Estate (1.95) ... Real Estate ( ... Real Estate (1. ... Real Estate (1.1 ... Real Assets NCREIF Property 0.00 0.00 3.62 -0.36 3.47 3.6

Investments The State of Michigan Investment Board is the investment fiduciary and custodian of all investments of the System pursuant to State law. The primary investment objective is to maximize the rate of return on the total investment portfolio, consistent with a high degree of prudence and sufficient diversity to eliminate inordinate risks and to meet the actuarial assumption for the investment rate of return. The investment activity for the year produced a total rate of return on the…

Performance Review and Market Summary Timothy Schlitzer, CFA, CRE, Director of Real Estate and Timberland began by discussing positioning within PRIM’s asset allocation. PRIM ended the year at 9.2%, or $10.2 billion, of PRIT in Real Estate and 2.9%, or $3.1 billion, in Timberland. Both asset classes are below their target mid-point but within range. Real Estate Mr. Schlitzer noted that the recently approved REIT managers invested the $300 million ($150 million each) commitment in April. Net…

At the end of each fiscal year – June 30 – the ASRS calculates a rate of return on its investment portfolio. The assumed rate of return is 7.0 percent. ... The ASRS total fund returns - net of fees - for the fiscal year ending June 30, 2025 are as follows: ... --- | --- ... Investment Returns by Asset Class ... Annualized Net Rates of Return for fiscal year ending June 30, 2025. ... NCREIF ODCE Net 1 QTR lag (TWR) ... 2.84% ... 1.17% ... 1.67% ... -2.00% ... -5.07% ... 3.07% ... Asset…

Portfolio Preliminary Performance Highlights. → March saw significant pullback across equity markets, with International Developed and broad…

Review of Regular Meeting Minutes • Minutes of September 20, 2024 II. MERF Portfolio update as of August 31 and September 30 , 2024 III. Investment Consultant - NEPC ... • Executive Session - Equity Portfolio Review Follow up • Private Equity Performance QE 3.31.2024 • WorkPlan IV. Report on Annual Performance Review Meeting • ... AUGUST 31, 2024 Will DuPree, Senior Consultant Doug Moseley, Partner Jonovan Sackey, Sr. Investment Associate MONTHLY PERFORMANCE REPORT CITY OF HARTFORD…

The Plan’s overall performance will be compared to the return of a ... over rolling three (3) and five ( ... periods. The policy index is constructed using the Plan’s target asset class allocations and market indices representing those asset classes (see Appendix A ... 2. On a relative basis, it is expected that the total portfolio performance will rank in the top 50th percentile of the appropriate peer universe over three (3) and five (5) year time periods. ... 3. On an absolute basis, the o