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July 2017

Investment Objectives and Performance

All TRA assets are invested by the State Board of Investment (SBI). The four-member SBI Board consists of the Governor, Attorney General, State Auditor and the Secretary of State.  The assets of both active and retired members are combined into a single fund, known as the TRA Fund. 

As of June 30, 2017, TRA had approximately $21.22 billion in assets. 

TRA pays monthly benefits from the TRA Fund to eligible benefit recipients. The SBI invests the TRA Fund with a long-term, disciplined investment approach with diversification among asset categories.  As of June 30, 2017, the asset allocation for the investment of the TRA Fund was:


Investments
Policy
Target
Actual Mix
(6/30/17)
Public Equities (Stocks) 58.0% 64.67%
Private Market* 20.0% 13.07%
Fixed Income (Bonds) 20.0% 19.32%
Cash 2.0% 2.94%
Total 100.0% 100.0%

*Any uninvested allocation is held in bonds and public equities.

Private market assets consist of investment categories such as private equity, real estate, and resources (natural gas and oil).  The cash component is designed to ensure sufficient cash is on hand to pay monthly benefits.  All TRA investments are managed externally by outside money management firms retained by contract.

View SBI web site.

 

FY 2018 Investment Returns and Inflation Analysis The FY 2018 CAFR will be available in December 2018.
FY 2017 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2016 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2015 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2014 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2013 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2012 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
  Historical Investment Returns:
1981-2009
Historical Investment Returns: 2010 to present

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