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, 2018

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
US Equity -16.77% -14.30% Russell 3000
Int'l Emerging Markets Equity -6.27%   -7.47% MSCI Emerging Markets
Int'l Developed Markets Equity -16.16% -12.78% MSCI World ex US
Global Equity -12.08% -12.75% MSCI ACWI
Hedge Funds - Diversifying -2.54% -1.79% HFRI Macro, HFRI Relative Value, HFRI Equity Market Neutral, and Barclays CTA Indices
Hedge Funds - Directional -8.27% -8.31% HFRI Equity Hedge Index
Private Equity  4.54% 5.00% Cambridge Associates Vintage Year
Real Estate  1.08% 0.67% FTSE/NAREIT/CA VIntage Yr
Natural Resources  0.25% -0.38% Cambridge Associates / MSCI World Natural Resources / Bloomberg Commodities Index
Rates 2.11% 2.22% Barclays US Gov't Intermediate
Credit -0.87% -3.81% Barclays Corp HY & CS Leveraged Loan
Cash 0.45% 0.56% 90-Day T-Bill
Clifton Overlay * 4.31% -5.38% Composite Benchmark
Total Fund -5.99% -5.38% Composite Benchmark

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

Performance Results
Net of Investment Fees | Fiscal Year-to-Date December 31, 2018

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
US Equity -12.23%  -8.20% Russell 3000
Int'l Emerging Markets Equity -10.00% -8.49% MSCI Emerging Markets
Int'l Developed Markets Equity -14.01% -11.64% MSCI World ex US
Global Equity -11.06% -9.02% MSCI ACWI
Hedge Funds - Diversifying  0.11% -1.21% HFRI Macro, HFRI Relative Value, HFRI Equity Market Neutral, and Barclays CTA Indices
Hedge Funds - Directional
 -6.66%  -8.01% HFRI Equity Hedge Index
Private Equity 10.27% 11.83% Cambridge Associates Vintage Year
Real Estate 7.05% 1.42% FTSE/NAREIT/CA VIntage Yr
Natural Resources 7.48% 2.44% Cambridge Associates / MSCI World Natural Resources / Bloomberg Commodities Index
Rates 2.07% 2.11% Barclays US Gov't Intermediate
Credit 1.05% -1.72% Barclays Corp HY & CS Leveraged Loan
Cash 0.78% 1.06% 90-Day T-Bill
Clifton Overlay * 5.76% -2.92% Composite Benchmark
Total Fund -3.10% -2.92% Composite Benchmark
*Return based on value of collateral, not actual exposure.