Investments Overview
The District of Columbia Retirement Board (DCRB), a defined benefit plan, manages and controls the assets belonging to the Teachers’ Retirement Plan and the Police Officers and Firefighters’ Retirement Plan. DCRB is charged by law with responsibility for the investment of these assets.
DCRB’s mission is to prudently invest the assets of the Fund. 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.
Investments Resources:
Historical Fund Rates of Return
The DCRB Fund Performance (Net of Fees) as of September 30, 2024 is shown below:
|
Return |
1 Year Annualized |
3 Year Annualized |
5 Year Annualized |
10 Year Annualized |
20 Year Annualized |
|---|---|---|---|---|---|
|
Total Fund (net of fees) |
17.5% |
4.8% |
7.9% |
6.6% |
6.4% |
|
Interim Policy Benchmark* |
17.8% |
3.7% | 7.5% | 6.5% | --- |
| Long-Term Policy Benchmark** | --- | --- | --- | --- | 6.6% |
| Excess | -0.3% | 1.1% | 0.4% | 0.1% | -0.2% |
*As of 9/30/24, the Interim Policy Benchmark is a composite of 9.7% MSCI Emerging Markets ND; 2.0% BC Global Agg ex USD; 5.5% BC (LB) US TIPS; 1.9% BC US Corporate High Yield; 1.9% Credit Suisse Leveraged Loan; 11.1% DCRB CA Glob PE & VC Idx(1QLag); 5.4% DCRB CA RE Idx (1QLag); 2.6% Total Public RE; 2.3% DCRB CA Energy & Royalties(1QL); 15.5% MSCI World ex USA ND; 7.0% BC U.S. Aggregate; 4.0% 50% JPM GBI-EM Global Diversified / 50% JPMorgan EMBI Global Diversified; 19.4% Russell 3000; 4.5% DCRB CA Infra(1QLag); 3.0% BC U.S. Long Govt. Bond Index; 1.0% ICE BofA ML 90 Day T-Bills; 3.2% DCRB CA Private Debt (1QLag)
**As of 9/30/24, the Long-Term Policy Benchmark is a composite of 10% MSCI Emerging Markets ND; 16% DCRB Real Assets Long Term; 3% DCRB Private Debt Long Term; 1% ICE BofA 3 Month Treasury Bill; 16% MSCI World ex USA ND, 20% Russell 3000; 9% DCRB Long Term Private Equity; 25% DCRB Fixed Income - Long Term
Note: All returns are time-weighted and net of fees.