SURS Investment Update
Quarter Ending March 31, 2026
Asset Allocation Compliance
| Asset Allocation vs Interim Policy | ||||
|---|---|---|---|---|
| Category | Current Value | Interim Policy (%) | Current (%) | Overlay (%) |
| Traditional Growth | $7,761,514,750 | 32.00 | 29.60 | 29.80 |
| Stabilized Growth | $6,047,624,655 | 23.00 | 23.00 | 23.20 |
| Non-Traditional Growth | $4,986,176,222 | 17.00 | 19.00 | 19.10 |
| Principal Protection | $2,004,581,301 | 10.00 | 7.60 | 7.80 |
| Crisis Risk Offset | $4,475,953,746 | 18.00 | 17.10 | 20.10 |
| Cash & Transition | $702,343,646 | 0.00 | 2.70 | 0.00 |
| Overlay | $265,320,291 | 0.00 | 1.00 | 0.00 |
| Total | $26,243,514,612 | 100.00 | 100.00 | 100.00 |
Trailing Net Performance
| Trailing Asset Class Net Performance | |||||||
|---|---|---|---|---|---|---|---|
| Fund | Market Value ($) | Percent of Portfolio | QTD (%) | 1 Year (%) | 3 Years (%) | 5 Years (%) | 10 Years (%) |
| Total Fund | 26,243,514,613 | 100.0 | –0.3 | 10.3 | 8.0 | 6.2 | 7.8 |
| SURS Policy Benchmark | 0.2 | 11.4 | 8.9 | 5.8 | 7.7 | ||
| Total Fund ex Overlay | 25,978,194,322 | 99.0 | –0.4 | 10.2 | 8.0 | 6.1 | 7.7 |
| SURS Policy Benchmark | 0.2 | 11.4 | 8.9 | 5.8 | 7.7 | ||
| Broad Growth | 18,795,315,628 | 71.6 | –0.6 | 13.6 | 10.9 | 7.9 | 9.4 |
| Traditional Growth | 7,761,514,750 | 29.6 | –2.3 | 21.0 | 16.7 | 9.7 | 11.5 |
| SURS Traditional Growth Blend | –2.7 | 20.6 | 16.2 | 9.0 | 11.2 | ||
| US Equity | 2,670,802,698 | 10.2 | –4.2 | 17.6 | 17.6 | 10.9 | 13.4 |
| Dow Jones U.S. Total Stock Market Index | –4.0 | 18.1 | 17.8 | 10.8 | 13.6 | ||
| Active US Equity | 305,990,646 | 1.2 | –6.8 | — | — | — | — |
| S&P 500 Index | –4.3 | — | — | — | — | ||
| Passive US Equity | 2,364,812,052 | 9.0 | –3.9 | 18.2 | 17.8 | 11.2 | 13.8 |
| Dow Jones U.S. Total Stock Market Index | –4.0 | 18.1 | 17.8 | 10.8 | 13.6 | ||
| Non US Equity | 1,774,046,723 | 6.8 | 1.6 | 29.1 | 16.8 | 8.8 | 8.8 |
| SURS Non US Equity Blend | –0.7 | 25.3 | 14.4 | 6.8 | 8.4 | ||
| Active Non-US Equity | 1,773,942,600 | 6.8 | 1.6 | 29.1 | 17.0 | 9.4 | 8.6 |
| MSCI EAFE (Net) | –1.2 | 21.3 | 13.6 | 7.9 | 8.4 | ||
| Passive Non-US Equity | 104,123 | 0.0 | –2.3 | –15.4 | 6.6 | 2.0 | 5.6 |
| MSCI AC World ex USA (Net) | –0.7 | 24.9 | 14.5 | 7.0 | 8.4 | ||
| Global Equity | 3,316,665,329 | 12.6 | –2.6 | 20.1 | 16.1 | 9.3 | 12.7 |
| SURS Global Equity Blend | –2.7 | 20.6 | 16.2 | 9.0 | 11.2 | ||
| Global Equity – Active | 1,913,662,031 | 7.3 | –3.4 | 18.0 | 14.9 | 8.6 | — |
| Global Equity – Passive | 1,403,003,297 | 5.3 | –1.6 | 23.7 | 18.0 | 10.5 | — |
| Stabilized Growth | 6,047,624,655 | 23.0 | 0.4 | 6.0 | 4.1 | 3.2 | — |
| SURS Stabilized Growth Blend | 0.1 | 5.4 | 3.1 | 2.4 | — | ||
| Stabilized Real Assets | 1,620,824,533 | 6.2 | 0.2 | 1.5 | –2.9 | 3.7 | 4.2 |
| SURS Stabilized Real Assets Blend | 1.8 | 4.9 | –2.4 | 3.6 | 4.5 | ||
| Core | 906,653,920 | 3.5 | 1.0 | 4.3 | –2.3 | 3.7 | 4.0 |
| NCREIF ODCE Net 1 Qtr Lag | 0.7 | 2.9 | –4.3 | 2.5 | 3.9 | ||
| Core Plus | 525,017,198 | 2.0 | –1.3 | –2.4 | –4.4 | 3.1 | — |
| SURS Real Estate Blend | 0.7 | 2.9 | –4.3 | 2.5 | — | ||
| Core Infrastructure | 189,153,415 | 0.7 | 0.0 | –0.8 | –0.7 | –2.5 | — |
| FTSE Developed Core Infrastructure 50/50 Index | 9.0 | 18.8 | 12.2 | 8.7 | — | ||
| Public Credit | 3,158,264,280 | 12.0 | –0.2 | 7.8 | 8.8 | 3.9 | — |
| SURS Credit Fixed Income Blend | –0.6 | 6.2 | 7.6 | 2.9 | — | ||
| Diversified Credit | 2,209,850,420 | 8.4 | –0.6 | 7.9 | 9.2 | 4.2 | 4.2 |
| SURS Credit ex EMD Blend | –0.8 | 7.0 | 8.0 | 3.4 | 3.6 | ||
| Bivium Credit | 531,865,937 | 2.0 | 0.0 | 6.3 | 7.4 | 2.8 | — |
| Bivium Credit Blend | –0.6 | 5.8 | 6.7 | 1.6 | — | ||
| Convertibles | 416,547,923 | 1.6 | 1.8 | — | — | — | — |
| SURS Credit ex EMD Blend | –0.8 | — | — | — | — | ||
| Private Credit | 1,267,343,530 | 4.8 | 2.2 | 10.5 | 11.0 | 9.5 | — |
| SURS Private Credit Blend | –0.3 | 6.7 | 9.5 | 6.0 | — | ||
| Non Traditional Growth | 4,986,176,222 | 19.0 | 0.6 | 7.0 | 5.4 | 10.3 | 11.4 |
| SURS Non Traditional Growth Blend | 2.9 | 18.1 | 15.7 | 10.5 | 12.6 | ||
| Non-Core Real Assets | 1,260,757,834 | 4.8 | 0.3 | 0.1 | 0.8 | 6.4 | 6.2 |
| SURS Non Core Real Assets Blend | 0.9 | 4.8 | –0.6 | 5.2 | 6.0 | ||
| Non-Core Real Estate | 770,965,067 | 2.9 | –0.5 | –2.9 | –1.7 | 5.2 | 5.5 |
| NCREIF ODCE Net Lagged + 1.5% | 1.1 | 4.5 | –2.8 | 4.0 | 5.4 | ||
| Non-Core Real Estate Debt | 141,962,757 | 0.5 | 2.2 | 7.3 | 4.9 | 5.5 | — |
| NCREIF ODCE Net Lagged + 1.5% | 1.1 | 4.5 | –2.8 | 4.0 | — | ||
| Non-Core Infrastructure | 259,477,523 | 1.0 | 1.2 | 6.6 | 7.4 | 11.7 | 9.4 |
| CPI+5% 1 Qtr Lagged | 1.0 | 7.8 | 8.1 | 9.7 | 8.3 | ||
| Non-Core Farmland | 88,352,487 | 0.3 | 1.1 | 0.7 | 0.7 | 4.3 | — |
| NCREIF Farmland 1 Qtr Lag | –0.7 | 0.2 | 1.3 | 4.2 | — | ||
| Private Equity- Fund of Funds | 1,875,230,028 | 7.1 | 0.0 | 8.0 | 4.6 | 9.6 | 12.3 |
| SURS PE Blend | 3.7 | 24.1 | 22.1 | 12.8 | 15.2 | ||
| Private Equity- Direct (Aksia) | 1,850,188,359 | 7.1 | 1.4 | 11.0 | 11.3 | 13.7 | — |
| MSCI ACWI IMI +2% 1 Qtr Lag | 3.7 | 24.1 | 22.1 | 12.9 | — | ||
| Inflation Sensitive | 1 | 0.0 | 1.3 | 4.0 | 3.5 | 1.7 | 2.7 |
| SURS Inflation Sensitive Blend | 0.3 | 3.0 | 3.2 | 1.5 | 2.1 | ||
| TIPS | 1 | 0.0 | 1.3 | 4.0 | 3.5 | 1.7 | 2.8 |
| Blmbg. U.S. TIPS Index | 0.3 | 3.0 | 3.2 | 1.5 | 2.7 | ||
| Principal Protection | 2,004,581,301 | 7.6 | 0.1 | 4.9 | 3.9 | 1.0 | 2.0 |
| BC US Int Ag x Credit Blend | 0.2 | 4.7 | 3.9 | 0.8 | 1.9 | ||
| Crisis Risk Offset ex Tail Risk | 4,406,289,147 | 16.8 | 0.1 | 0.7 | 0.8 | 2.9 | — |
| SURS CRO Blend | 2.2 | –3.5 | –3.1 | 0.5 | — | ||
| Long Duration | 836,016,138 | 3.2 | –0.4 | 0.8 | –1.4 | –4.4 | — |
| BBgBarc US Govt Long TR | –0.4 | 0.5 | –1.5 | –4.6 | — | ||
| Systematic Trend Following | 1,767,650,591 | 6.7 | 2.3 | 3.0 | –0.2 | 4.4 | — |
| SURS Trend Following Index | 2.0 | –8.2 | –7.2 | 0.0 | — | ||
| Alternative Risk Premia | 1,470,904,553 | 5.6 | –3.8 | 0.4 | 8.9 | 7.4 | — |
| 90 Day T-Bills +2% | 1.4 | 6.2 | 6.9 | 5.6 | — | ||
| Long Volatility | 331,717,864 | 1.3 | –0.6 | –0.8 | –3.4 | — | — |
| CBOE Eurekahedge Long Volatility Hedge Fund Index | 6.6 | 4.5 | 0.5 | — | — | ||
| Tail Risk | 69,664,599 | 0.3 | |||||
| Cash Composite | 702,281,656 | 2.7 | |||||
| Total Overlay | 265,320,291 | 1.0 | |||||