How The Fund Works

Investments & Performance
Current Performance

Compare the Fund’s performance against its benchmarks.

Performance Results
Net of Investment Fees | Quarter Ended March 31, 2017

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
U.S. Equity  5.58%  5.74% Russell 3000
Int'l Emerging Markets Equity  11.56%   11.49% MSCI Emerging Markets
Int'l Developed Markets Equity  7.80% 6.95% MSCI World ex US
Global Equity   9.34%  7.05% MSCI ACWI
Hedge Funds - Diversifying -0.52% 0.97% HFRI Fund of Funds Composite
Hedge Funds - Directional 2.31% 3.82% HFRI Fund of Funds Composite
Private Equity   3.51%  3.20% Cambridge Vintage Year
Real Estate  1.19%  1.44% NAREIT/CA VIntage Yr
Natural Resources  5.62%  5.57% DJ/UBS Commodities Index
Rates 0.61% 0.54% Barclays US Gov't Intermediate
Credit 2.43% 1.95% Barclays Corp HY & CS Leveraged Loan
Cash 0.05%   0.10% 90-Day T-Bill
Opportunistic  0.00% 4.29%   Composite Benchmark
Clifton Overlay *  9.75%  4.29% Composite Benchmark
Total Fund   4.35%   4.29% Composite Benchmark

*Return based on value of collateral, not actual exposure.

Performance Results
Net of Investment Fees | Fiscal Year-to-Date March 31, 2017

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
U.S. Equity 16.32%  15.04% Russell 3000
Int'l Emerging Markets Equity 13.21% 16.72% MSCI Emerging Markets
Int'l Developed Markets Equity  25.57% 13.41% MSCI World ex US
Global Equity 12.36% 14.33% MSCI ACWI
Hedge Funds - Diversifying   3.76% 4.18% HFRI Fund of Funds Composite
Hedge Funds - Directional
 4.50%  7.11% HFRI Fund of Funds Composite
Private Equity  6.67% 9.47% Cambridge Vintage Year
Real Estate  4.49% 5.06% NAREIT/CA VIntage Yr
Natural Resources 20.04% 4.19% DJ/UBS Commodities Index
Rates -2.35% -1.89% Barclays US Gov't Intermediate
Credit 10.54%  8.49% Barclays Corp HY & CS Leveraged Loan
Cash  0.08%   0.28% 90-Day T-Bill
Opportunistic 14.90% 9.24%  Composite Benchmark
Clifton Overlay *  7.37% 9.24% Composite Benchmark
Total Fund 10.29% 9.24% Composite Benchmark
*Return based on value of collateral, not actual exposure.