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July 2013

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, 2013, TRA had approximately $18.00 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, 2013, the asset allocation for the investment of the TRA Fund was:


Investments
Policy
Target
Actual Mix
(6/30/13)
U.S. Equities (Stocks) 45.0% 45.04%
International Equities 15.0% 14.87%
Alternative Assets* 20.0% 14.50%
Fixed Income (Bonds) 18.0% 22.97%
Cash 2.0% 2.62%
    Total 100.0% 100.0%

*Any uninvested allocation is held in domestic bonds.

Alternative 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 2014 Investment Returns and Inflation Analysis  
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
FY 2011 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2010 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
FY 2009 Investment Returns and Inflation Analysis Investment Section: TRA Comprehensive Annual Financial Report
  Historical Investment Returns:
1981-2009
Historical Investment Returns:
2010-2013

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