Investment Performance

Office meeting

These investment results are calculated and presented using standard performance evaluation methods in a manner consistent with the investment industry in general and public pension funds in particular. Rates of return were determined using a modified time-weighted return calculation.

Investment Returns Summary

for Periods Ending September 30, 2018 Quarter
Ending
Year to Date 1 Year
Ending
3 Years
Ending
5 Years
Ending
10 Years
Ending
Total Fund
The Total Fund Benchmark is a blend of the asset class benchmark returns weighted by the target allocation for each asset class.
Gross of Fees 3.13% 4.76% 8.76% 10.66% 8.27% 9.05%
Net of Fees 3.09% 4.63% 8.56% 10.43% 8.04% 8.82%
Total Fund Benchmark 3.07% 3.85% 7.61% 9.78% 7.94% 8.25%
Domestic Equity
The Domestic Equity Benchmark is currently the Russell 3000 Index. Returns prior to January 1, 2015, reflect those of the Dow Jones U.S. Total Stock Market Index.
Gross of Fees 5.88% 11.06% 17.23% 16.52% 12.73% 12.13%
Net of Fees 5.82%
10.90%
17.00%
16.26%
12.47%
11.87%
Domestic Equity Benchmark 7.12%
10.57%
17.58%
17.07%
13.44%
12.06%
International Equity
Gross of Fees 0.54% -1.99% 2.67% 10.68% 5.50% 6.65%
Net of Fees 0.53% -2.14%

2.42%

10.34% 5.17% 6.32%
MSCI ACWI Ex-U.S. Index 0.71% -3.09%

1.76%

9.97% 4.12% 5.18%
Fixed Income
Gross of Fees 0.40% -0.95% -0.36% 2.69% 3.08% 5.32%
Net of Fees 0.37% -1.06% -0.50% 2.53% 2.93% 5.17%
Barclays Aggregate Bond Index 0.02% -1.60% -1.22% 1.31% 2.16% 3.77%
Real Estate
The Real Estate Benchmark is currently the NCREIF ODCE Index + 1%. Prior to January 1, 2013, it was the NCREIF Property Index + 1%. Returns prior to January 1, 2007, reflect those of the Consumer Price Index + 5%.
Gross of Fees 2.94% 5.81% 9.50% 9.42% 10.79% 5.67%
Net of Fees 2.94% 5.81% 9.50% 9.39% 10.77% 5.66%
Real Estate Benchmark 1.81% 5.69% 7.64% 7.81% 9.70% 7.07%
Alternative Investments
The Alternatives Benchmark is based on an annualized rate of return of 9%. Prior to July 1, 2010, it was based on an annual return of 12%. Prior to 2004, it was based on an annual return of 13%. Prior to 2003, it was based on an annual return of 15%.
Gross of Fees 4.18%

10.24%

14.35% 9.83% 10.22% 7.25%
Net of Fees 4.14% 10.12% 14.19% 9.59% 9.88% 6.96%
Alternatives Benchmark 2.18% 6.68% 9.00% 9.00% 9.00% 9.52%

A dollar invested into IMRF

The chart below shows the growth of $1 invested in 1980 into the IMRF Total Fund compared to that of the global equity and U.S. fixed income markets. As illustrated, an investment in the IMRF Total Fund outperformed both broad market indices.