Portfolio

TRS performs asset-liabilities studies periodically to set a strategic asset allocation.  Asset class performance is monitored through benchmarking and frequent meetings with investment managers. We implement a rebalancing policy to reduce volatility and increase portfolio returns over the long-term. 

You can read more about our specific strategy in the Investment Policy Statement.

The total market value of assets at the end of fiscal year 2023 was $20.72 billion. We are continuously looking for attractive opportunities to diversify our assets to increase return and lower risk. Furthermore, members can have confidence that the Board of Trustees will continue to make fiduciarily responsible decisions with respect to the portfolio.

The System maintains a diversified portfolio with investments in multiple asset classes as defined by its strategic asset allocation. The chart below on the left, Policy Allocation, shows the target asset allocation as outlined in our investment policy. The chart below on the right, Actual Allocation shows how assets were allocated between different investment types.  The current asset classes that TRS invests in are Domestic Equity, International Equities, Fixed Income, Real Estate, Private Equity, and Private Credit.

Domestic Equity: Investments in stocks of companies domiciled in the United States.

International Equity: Investments in stocks of companies domiciled outside the United States.

Fixed Income: Investments in government and corporate bonds, as well as asset-backed securities.

Private Equity: The investment of equity capital in private companies generally in the form of limited partnerships.

Private Debt: Non-bank financing for small-to-medium-sized businesses and real assets, and generally in the form of limited partnerships.

Cash/Cash Equivalents: An investment vehicle for cash reserves, that offers a competitive rate of return through a portfolio of high-grade, short-term, money market instruments.