Investments Overview
The District of Columbia Retirement Board (DCRB) manages and controls the assets of the Teachers’ Retirement Fund and the Police Officers and Fire Fighters’ Retirement Fund (the Funds). DCRB is charged by law with responsibility for investing these assets.
DCRB’s mission is to prudently invest the Funds' assets. It is currently invested across all asset classes in both the public and private markets and seeks long-term investment returns above the actuarial investment return, currently set at 6.25%, net of all fees and expenses. View DCRB’s Investment Objectives for additional details.
Additional DCRB Investments Resources:
- Divestments
- Investment Fund Advisory Fees and Fund Expenses Reports
- Investment Policies and Guidelines
- Investment Reports
- Prospective Investment Managers
Historical Fund Rates of Return
The DCRB Fund Performance (Net of Fees) as of September 30, 2026, is shown below:
| Return | 1 Year Annualized | 3 Year Annualized | 5 Year Annualized | 10 Year Annualized | 20 Year Annualized |
|---|---|---|---|---|---|
| Total Fund (Net of Fees) | 10.2% | 12.6% | 6.9% | 8.2% | 6.1% |
| Interim Policy Benchmark* | 10.1% | 12.8% | 6.3% | 8.1% | --- |
| Long-Term Policy Benchmark** | --- | --- | --- | --- | 6.6% |
| Excess | 0.1% | -0.2% | 0.6% | 0.1% | -0.5 |
*As of 9/30/2026, the Interim Policy Benchmark is a composite of 5.4% MSCI Emerging Markets; 2.0% Bbg Global Agg. ex. US; 4.8% Bbg US Treasury TIPS 0-5; 3.0% Bbg US Corporate High Yield; 3.0% Credit Suisse Leveraged Loan; 9.8% DCRB CA Glob PE & VC Idx; 4.9% DCRB CA RE Idx; 3.1% Total Public RE; 2.8% DCRB CA Energy & Royalties; 11.8% MSCI World ex. US; 7.0% Bbg US Agg. Gov. Int.; 2.0% 50% JPM GBI-EM Global Diversified / 50% JPM EMBI Global Diversified; 26.8% Russell 3000; 5.6% DCRB CA Infra; 3.0% Bbg US Agg. Gov. Long; 1.0% BofA ML 90 Day Treasury Bills; 3.9% DCRB CA Private Debt.
**As of 9/30/2026, the Long-Term Policy Benchmark is a composite of 5% MSCI Emerging Markets; 13% DCRB Private Equity Long-Term; 16% DCRB Real Assets Long-Term; 7% DCRB Private Debt Long Term; 1% ICE BofA ML 90 Day Treasury Bills; 11% MSCI World ex. US; 25% Russell 3000; 22% DCRB Fixed Income Long Term.
Note: All returns are time-weighted and net of fees.