How The Fund Works

Investments & Performance
Current Performance

Compare the Fund’s performance against its benchmarks.

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

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
US Equity 6.08%  6.34% Russell 3000
Int'l Emerging Markets Equity  8.03%   7.44% MSCI Emerging Markets
Int'l Developed Markets Equity  3.43% 4.23% MSCI World ex US
Global Equity   4.44%  5.73% MSCI ACWI
Hedge Funds - Diversifying   2.31% 2.09% HFRI Fund of Funds Composite
Hedge Funds - Directional 2.29% 3.51% HFRI Fund of Funds Composite
Private Equity   3.15%  3.74% Cambridge Vintage Year
Real Estate  2.08%  2.53% NAREIT/CA VIntage Yr
Natural Resources  7.78%  4.77% DJ/UBS Commodities Index
Rates -0.39% -0.40% Barclays US Gov't Intermediate
Credit 1.79% 0.82% Barclays Corp HY & CS Leveraged Loan
Cash 0.04%  0.28% 90-Day T-Bill
Clifton Overlay *  8.01%  3.78% Composite Benchmark
Total Fund   4.07%   3.78% Composite Benchmark

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

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

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
US Equity 10.63%  11.20% Russell 3000
Int'l Emerging Markets Equity 16.44% 15.92% MSCI Emerging Markets
Int'l Developed Markets Equity  8.48% 10.09% MSCI World ex US
Global Equity 9.94% 11.21% MSCI ACWI
Hedge Funds - Diversifying   2.13% 3.15% HFRI Fund of Funds Composite
Hedge Funds - Directional
 2.68%  7.15% HFRI Fund of Funds Composite
Private Equity  9.94% 7.97% Cambridge Vintage Year
Real Estate  7.29% 6.94% NAREIT/CA VIntage Yr
Natural Resources 8.25% 7.51% DJ/UBS Commodities Index
Rates -0.02% -0.06% Barclays US Gov't Intermediate
Credit 3.69%  2.35% Barclays Corp HY & CS Leveraged Loan
Cash  0.18%   0.55% 90-Day T-Bill
Clifton Overlay *  3.97% 7.52% Composite Benchmark
Total Fund 7.43% 7.52% Composite Benchmark
*Return based on value of collateral, not actual exposure.