As of December 31, 2023, the IPERS investment portfolio had a market value of $42.21 billion. IPERS’ investment return for the quarter was 5.84% (net of fees). Below are IPERS’ investment returns for various periods ending December 31, 2023, compared to the System’s official long-term performance objectives.
| Fiscal Year to Date* | One Year | Three Years** | Five Years | Ten Years | Twenty Years | Thirty Years | |
|---|---|---|---|---|---|---|---|
| IPERS Return | 4.17% | 10.45% | 5.51% | 9.40% | 7.62% | 7.62% | 8.32% |
| Policy Benchmark*** | 4.19% | 10.41% | 5.32% | 9.32% | 7.64% | 7.70% | 8.08% |
| CPI+3% | 2.03% | 6.45% | 8.77% | 7.20% | 5.87% | 5.66% | 5.58% |
| Actuarial Assumed Return | 3.44% | 7.00% | 7.00% | 7.00% | 7.13% | 7.31% | 7.34% |
| Median-IM All Public Funds > $1 Billion**** | 4.49% | 11.40% | 4.47% | 8.28% | 6.34% | 6.55% | 7.37% |
IPERS earned the following time-weighted returns (net of fees) by asset class for the quarter ended December 31, 2023:
| Asset class | Time-weighted returns |
|---|---|
| International Equity | 9.22% |
| Domestic Equity | 12.01% |
| Public Credit | 7.90% |
| Core Fixed Income | 6.59% |
| Global Smart Beta Equity | 10.73% |
| Cash | -3.27% |
| Private Equity | 0.53% |
| Private Credit | 2.15% |
| Private Real Assets | -4.41% |
*Fiscal Year 2024 commenced July 1, 2023.
**Returns for periods longer than one year are annualized.
***The policy benchmark is a passively managed set of market indexes, with appropriate weightings, that are reflective of IPERS' target asset allocation.
****The media return of the Investment Metrics' Universe of All Public Funds with Assets Greater than $1 billion.