1818 society annual meeting pension plan performance october 24, 2007
TRANSCRIPT
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1818 Society Annual MeetingPension Plan PerformanceOctober 24, 2007
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Highlights 2006Funded statusPlan performanceReal Estate updateHedge Fund updateJuly/August 07 market stressConcluding RemarksRoad Map
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Staff Retirement Plan (SRP)Assets increased by $1.6 billion to $14.0 billion Closed Group Liabilities increased by $0.8 billion to $14.3 billion Return of 14.3% outperforming benchmark by 3.1%Funded ratio improved from 92% to 97% Bank contribution rate of 12.23% for FY08 (18.35% in FY07)Retiree Staff Benefits Plan (RSBP)Assets increased by $0.24 billion to $1.45 billionClosed Group Liabilities increased by $0.11 billion to $1.85 billionReturn of 15.2% outperforming benchmark by 3.6%Funded ratio improved from 69% to 78% Bank contribution rate of 6.54% for FY08 (7.82% in FY07)Highlights 2006
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SRP - Funded Status
Funded ratio is (MV of Assets)/(Liabilities)
Chart2
1.20274120940.07306530571.6875223506
1.03732867810.05495568931.5250020772
1.22760947340.05965084771.7641319508
1.05969711770.05315153881.5105849582
0.89971789970.05632905631.2374217772
0.76076350250.05486604471.038317757
0.84800726130.04686855351.1054103474
0.87576818360.04535200311.1376313662
0.91713741120.04408452231.1787629898
0.97370212750.04203567271.2374799255
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
97%
102%
124%
Benefits
19921993199419951996199719981999200020012002200320042005200620072008
Benefits-86-92-110-143-167-185-227-249-306-302-300-332-366-397-444-486-542
Bank contributions110117118113101472085184248224157112
Staff Contributions4954525657575865666473767777787879
% of Salaries24%24%22%20%0%0%0%0%5%15%26%27%26%27%
157
112
Benefits
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Benefits
Staff Contributions
Bank Contributions
Calendar Year
USD MIllion
485
433
397
366
332
300
302
306
249
227
185
167
143
110
92
86
Assets and Liabilites
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Benefits
Staff Contributions
Bank Contributions
Calendar Year
USD MIllion
485
433
393
366
332
300
302
306
249
227
185
167
143
110
92
86
Assets and Liabilites- 1818
Year ending 31 DecemberAssets as at December 31 sent to Buck for prelimary valuation
199519961997199819992000200120022003200420052006
Closed Group Liabilities6.66.97.49.29.410.211.011.712.112.913.514.3SRP12,271,662,943
PBO4.64.95.26.36.57.28.08.69.39.910.511.3RSBP1,200,289,586
MV of Assets6.57.68.89.511.510.89.98.910.311.312.414.0
Adj Value of Assets6.1276.7977.9238.77210.11410.72210.7229.8369.70510.22111.44812.7
PV of Staff Conts0.50.50.50.50.60.50.60.60.60.60.60.6SSRP104,152,108
SRPA81,357,111
FR ecl MC0.991.101.201.041.231.060.900.760.850.880.920.97ERIP2,862,608
FR incl MC1.071.171.281.091.291.110.960.820.890.920.961.02OPA1,599,211
0.080.080.070.050.060.050.060.050.050.0450.0440.042TSA10,890,126
MV inc MC7.08.19.410.112.011.410.59.510.811.813.014.6200,861,164
CG - PBO22.022.112.942.853.063.003.122.822.962.993.05
PBO FR1.411.551.691.531.761.511.241.041.111.141.181.24
PV of Net bank Contributions(1.03)(0.35)1.211.852.051.441.06
MV of AssetsMV and Adjusted Value of Assets
PBO and Closed Group Liabilities
Closed Group Funded ratio
Closed Group Funded ratio only - set other two series to zero and make legend invisible
Closed Group Funded ratio including PV of MC - set PBO series to zero and make legend invisible
Slide to use
Slide without any numbers to use in main section - three preceding slides to use in animation and appendix
Assets and Liabilites- 1818
0
0
0
0
0
0
0
0
0
0
0
MV of Assetss
Year ending December 31
USD Billion
Historic Contribution Rates
000
0
0
0
0
0
0
0
0
0
0
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
Asset Allocation
000
00
00
00
00
00
00
00
00
00
00
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
0.96
0.92
0.89
0.82
1.00
0.96
1.11
1.29
1.09
1.28
1.17
Participant numbers
000
000
000
000
000
000
000
000
000
000
000
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
Proj Rates and Gains Losses
001
00
00
00
00
00
00
00
00
00
00
PBO
Future Service Liability
Dummy
Year ending December 31
USD Billion
14.0
6.9
7.4
9.2
9.4
10.2
11.0
11.7
12.1
12.9
13.5
Total Contribution Rates
001
0
0
0
0
0
0
0
0
0
0
PBO
Future Service Liability
Dummy
Year ending December 31
USD Billion
000
000
000
000
000
000
000
000
000
000
000
PBO
Future Service Liability
MV of Assets
Year ending December 31
USD Billion
00
00
00
00
00
00
00
00
00
00
00
MV of Assetss
Adjusted Assets
Year ending December 31
USD Billion
Year ending 31 DecemberAssets as at December 31 sent to Buck for prelimary valuation
199519961997199819992000200120022003200420052006
Closed Group Liabilities6.66.97.49.29.410.211.011.712.112.913.514.3SRP12,271,662,943
PBO4.64.95.26.36.57.28.08.69.39.910.511.3RSBP1,200,289,586
MV of Assets6.57.68.89.511.510.89.98.910.311.312.414.0
Adj Value of Assets6.1276.7977.9238.77210.11410.72210.7229.8369.70510.22111.44812.7
PV of Staff Conts0.50.50.50.50.60.50.60.60.60.60.60.6SSRP104,152,108
SRPA81,357,111
FR ecl MC0.991.101.201.041.231.060.900.760.850.880.920.97ERIP2,862,608
FR incl MC1.071.171.281.091.291.110.960.820.890.920.961.02OPA1,599,211
0.080.080.070.050.060.050.060.050.050.0450.0440.042TSA10,890,126
MV inc MC7.08.19.410.112.011.410.59.510.811.813.014.6200,861,164
CG - PBO22.022.112.942.853.063.003.122.822.962.993.05
PBO FR1.411.551.691.531.761.511.241.041.111.141.181.24
PV of Net bank Contributions(1.03)(0.35)1.211.852.051.441.06
MV of AssetsMV and Adjusted Value of Assets
PBO and Closed Group Liabilities
Closed Group Funded ratio
Closed Group Funded ratio only - set other two series to zero and make legend invisible
Closed Group Funded ratio including PV of MC - set PBO series to zero and make legend invisible
Slide to use
Slide without any numbers to use in main section - three preceding slides to use in animation and appendix
As per final actuarial letter inlcuded in Annual Report
As per final actuarial letter inlcuded in Annual Report
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
MV of Assetss
Year ending December 31
USD Billion
000
0
0
0
0
0
0
0
0
0
0
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
000
00
00
00
00
00
00
00
00
00
00
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
0.96
0.92
0.89
0.82
1.00
0.96
1.11
1.29
1.09
1.28
1.17
000
000
000
000
000
000
000
000
000
000
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
001
00
00
00
00
00
00
00
00
00
00
Accrued Liability
Future Service Liability
Dummy
Year ending December 31
USD Billion
001
0
0
0
0
0
0
0
0
0
0
PBO
Future Service Liability
Dummy
Year ending December 31
USD Billion
000
000
000
000
000
000
000
000
000
000
000
Accrued Liability
Future Service Liability
MV of Assets
Year ending December 31
USD Billion
00
00
00
00
00
00
00
00
00
00
00
MV of Assetss
Adjusted Assets
Year ending December 31
USD Billion
Historic Contribution Rates
199016.71%
199121.00%
199225.85%
199326.53%12
199424.84%
199523.94%
199622.35%
199720.11%
19980.00%
19990.00%
20000.00%
20010.00%
20020.00%
20035.00%
200415.09%
200525.62%
200626.72%
200718.35%
200812.23%
SRP Contribution Rates
FYRateSSRPTSATOTAL
199016.7%16.71%
199121.0%21.00%
199225.9%25.85%
199326.5%26.53%
199424.8%24.84%
199523.9%23.94%
199622.4%22.35%
199720.1%1.21%21.32%
19980.00%1.21%1.21%
19990.00%1.21%1.21%
20000.00%1.20%1.20%
20010.00%1.76%1.76%
20020.00%1.03%1.03%
20035.00%1.76%6.76%
200415.09%1.72%16.81%
200525.62%1.12%26.74%
200626.72%1.59%28.31%
200718.35%2.00%20.35%
200812.23%1.65%6.00%19.88%
SRP previously provided beenfits now paid from TSA, PEBP and SSRP
15.0%
As per final actuarial letter inlcuded in Annual Report
As per final actuarial letter inlcuded in Annual Report
Closed Group Funded Ratio
Closed Group incl PV of participant conts
PBO Funded Ratio
Year ending December 31
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Contribution Rates
Financial Year ending June 30
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Staff Retirement Plan
Supplemental Staff Retirement Plan
Tax Supplement Account
Financial Year ending June 30
Global Fixed Income40.29%
Emerging Markets Equities2.25%
Non-USA Equities15.78%
US Equities21.25%
Private Equity6.91%
Real Estate4.23%
Hedge Funds9.29%
100.00%
Fixed Income40.0%
Non-US Equities16.0%
US Equities19.0%
Private Equity9.0%25.0%
Real Estate5.0%
Hedge Funds11.0%
100.0%
0
0
0
0
0
0
199519961997199819992000200120022003200420052006
Gross Plan7,0776,8976,6696,2255,6975,1274,6704,3754,1433,9043,6103,332
Net Plan0.00.00.04,8895,9255,9126,2336,9257,7638,1998,6939,339
Actives7,0776,8976,66911,11411,62211,03910,90311,30011,90612,10312,30312,671
Retirees3,6043,9384,3224,7745,2135,6856,0616,2866,4806,6786,9517,176
Retiree %51%57%65%43%45%51%56%56%54%55%56%57%
Retiree%49%46%43%39%35%32%29%26%
Reduction in Gross Plan % of Total2.6%3.6%4.1%3.9%2.5%2.9%3.0%
Reduction in Gross #570457295232239294278
% Reduction in Gross Plan10%9%6%5.3%5.8%7.5%7.7%
000
000
000
000
000
000
000
000
000
000
000
Gross Plan
Net Plan
Retirees
Year ending December 31
Historic Contribution Rates
199016.7%
199121.0%
199225.9%
199326.5%
199424.8%
199523.9%
199622.4%
199720.1%
19980.0%
19990.0%
20000.0%
20010.0%
20020.0%
20035.0%
200415.1%
200525.6%
200626.7%
200718.4%
200812.2%
COLA for current pensioners-0.15%
Recomciliation of FY08 to FY07 Contribution Rates
SRP
Contribution rate for FY0618.35%Contribution rate for FY067.82%
Investment returns-6.17%Investment returns-0.66%
Currency Exchange for current pensioners0.67%Change in methodology for Local Plan0.19%
New participants in year0.40%Medical claims Inflation-0.68%
Final assets greater than preliminary-0.85%Final assets greater than preliminary-0.12%
Other sources-0.17%Other sources-0.01%
-6.12%
Projected Contribution rates - SRP
Contribution rate for FY0712.23%Contribution rate for FY076.54%Projected Contribution rates
Sensitivity analysis of Contribution Rates
SRP
200720082009201020112012201320142015201620172018
7.5%18.35%12.23%8.87%7.45%8.12%8.91%9.69%10.44%11.15%11.82%12.44%13.00%
5.0%18.35%12.23%10.22%11.44%15.89%20.22%24.17%27.71%30.83%33.53%35.86%37.84%
10.0%18.35%12.23%7.52%3.40%0.09%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
RSBP
7.5%7.82%6.54%5.81%5.36%5.26%5.18%5.12%5.08%5.04%5.01%5.01%5.01%
5.0%7.82%6.54%5.95%5.78%6.10%6.43%6.75%7.06%7.34%7.61%7.87%8.11%
10.0%7.82%6.54%5.67%4.93%4.39%3.87%3.37%2.89%2.43%2.02%1.63%1.29%
TSA
7.5%0.00%6.00%6.00%6.00%2.68%2.50%2.53%2.58%2.64%2.70%2.64%2.58%
5.0%0.00%6.00%6.00%6.00%2.75%2.61%2.70%2.81%2.92%3.04%3.16%3.28%
10.0%0.00%6.00%6.00%6.00%2.62%2.38%2.35%2.33%2.33%2.32%2.32%2.32%
OtherIgnore sensitivty of SSRP
7.5%2.00%2.15%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%
5.0%2.00%2.15%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%
10.0%2.00%2.15%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%
TotalApproximate convergence rates
7.5%28.17%26.92%22.33%20.46%17.71%18.24%18.99%SRP16.00%
5.0%28.17%26.92%23.82%24.87%26.39%30.91%35.27%SSRP1.65%
10.0%28.17%26.92%20.84%15.98%8.74%7.90%7.37%RSBP5.00%
TSA3.50%
Change over year4.59%1.87%2.75%-0.53%-0.75%26.15%
Cumulative4.59%6.45%9.20%
Amounts included in Budget for FY08
FY08FY09FY10FY11
SRP12.23%8.90%7.50%8.20%
RSBP6.54%5.90%5.40%5.30%
SSRP1.65%1.65%1.65%1.65%
OPA0.50%0.00%0.00%0.00%
TSA6.00%6.00%6.00%3.00%
26.92%22.45%20.55%18.15%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Contribution Rates
Financial Year ending June 30
00000
Investment returns
Currency Exchange for current pensioners
New participants in year
Final assets greater than preliminary
Other sources
00000
Investment returns
Change in methodology for Local Plan
Medical claims Inflation
Other sources
Final assets greater than preliminary
0
0
0
0
0
0
Financial Year ending June 30
0
0
0
0
0
0
0
0
0
0
0
0
Financial Year ending June 30
Total Contribution Rates
199819992000200120022003200420052006200720082009201020112012201320142015201620172018
SRP0.00%0.00%0.00%0.00%0.00%5.00%15.09%25.62%26.72%18.35%12.23%8.87%7.45%8.12%8.91%9.69%10.44%11.15%11.82%12.44%13.00%
RSBP2.66%0.00%0.00%0.37%2.12%2.70%4.36%4.47%8.31%7.82%6.54%5.81%5.36%5.26%5.18%5.12%5.08%5.04%5.01%5.01%5.01%
PEBP1.21%1.21%1.20%1.76%1.03%1.76%1.72%1.12%1.59%2.00%8.15%7.65%7.65%4.33%4.15%4.18%4.23%4.29%4.35%4.29%4.23%
Total3.87%1.21%1.20%2.13%3.15%9.46%21.17%31.21%36.62%28.17%26.92%22.33%20.46%17.71%18.24%18.99%19.74%20.48%21.18%21.74%22.24%
SSRP1.21%1.21%1.20%1.76%1.03%1.76%1.72%1.12%1.59%2.00%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%1.65%
TSA6.00%6.00%6.00%2.68%2.50%2.53%2.58%2.64%2.70%2.64%2.58%
OPA0.50%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
1.21%1.21%1.20%1.76%1.03%1.76%1.72%1.12%1.59%2.00%8.15%7.65%7.65%4.33%4.15%4.18%4.23%4.29%4.35%4.29%4.23%
Historical Contribution Rates for SRP, RSBP ans SSRP
000
000
000
000
000
000
000
000
000
000
000
SRP
RSBP
PEBP
Financial Year ending June 30
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
SRP
RSBP
PEBP
Financial Year ending June 30
0
0
0
0
0
0
0
0
0
0
0
SRP
Financial Year ending June 30
-
Total Bank Contribution Rates for FY03 - FY08
-
SRP - Asset Allocation as of December 31, 2006Hedge Funds11%Global Fixed Income40%Private Equity9%Real Estate5%US Equities19%Non-US Equities16%Strategic Asset Allocation is currently under review
-
Plan Performance (2006) Second largest excess return on record for the plan Alternative investments played a key role
-
*Plan Performance (Jan 07 Sept 07)
-
Real Estate PortfolioPlan does not invest in residential homes/mortgagesCommercial RE has much better fundamentals than residential and is a great long-term diversifierThe industry is cyclical but subspaces/geographies follow different cyclesStrategy has a 33 year track record and takes advantage of differences in cycles across subspacesRE portfolio is well diversified by geography, property type and investment strategy.
-
Commercial RE Vacancy Rates by Sector
-
Source: Morgan StanleyGlobal Cycle Chart, mid 2007
-
Source: Morgan StanleyReal Estate Portfolio by Property Type
Chart1
0.2230.330.1670.1490.03734871190.085
0.36820.17540.21040.22290.02310
Office
Industrial
Apartments
Retail
Hotels
Other
SRP Portfolio By Property Type
Sheet1
Geographic Distribution
Asia6%53,229,123.70
Europe21%195,008,846.25
U.S.73%673,672,480.30
1921,910,450.25
Sheet1
0.2230.330.1670.1490.03734871190.085
0.36820.17540.21040.22290.02310
Office
Industrial
Apartments
Retail
Hotels
Other
SRP Portfolio By Property Type
Sheet2
179.68291263
311.03939221
114.838337
145.07613995
Total Portfolio
Sheet3
0.0885186240.06813392130.1611311094
0.08786003060.07841905290.1713775278
0.0884705790.09121929950.1856321307
0.08822794090.10610664630.2012146384
0.08947852380.10804935150.2046140066
0.08900916620.12731180580.2246178351
0.08671378520.10801648660.2015860456
0.08584616940.09845272380.1904873968
0.08401409570.09108824910.1807356961
0.0826183960.06527989780.1518848264
0.08257310870.08525573310.1729989564
0.08140504020.08032865630.1665329538
0.08064291420.08083838480.1662768543
0.07984389720.07667265920.1610127354
0.07843764010.05527072020.1369119651
0.07817367940.03790486160.1182735052
0.07891979060.01458997670.0943589889
0.08039811640.00570269680.0864377297
0.08055651680.0102666160.0914335561
0.08044686750.02491540310.1068547413
0.07891912590.04939418160.1312322962
0.07722543650.0679191030.149028199
0.07647186380.07521679580.1559315092
0.07593286510.07045053790.1503279175
0.07615533390.05887794460.1383391425
0.07538958820.04642492480.1243923659
0.07579004310.04025832090.1183006085
0.07619516750.03913105790.1175288272
0.07528726560.03509517920.1123445017
0.07557536290.03429190420.1117933769
0.07490040910.02842421040.104910866
0.07383796150.02034702120.0953040281
0.07365627170.00885926670.0830016303
0.07337106360.00706226680.0808195573
0.0728177117-0.00021705250.0725925746
0.07278714670.00580621450.078911907
0.07272166990.00688646670.0799854758
0.07220009220.00754043770.0801498953
0.07171959670.01622410810.0888065796
0.07082498770.0201227830.092006034
0.07036495050.0246466490.0963010664
0.06978759610.02425025930.0952934902
0.06881293440.02524044550.0953385716
0.06768982890.02277777820.0916076035
0.0665127760.01060182920.0776401587
0.06563246920.00768153640.0736884254
0.06512113560.00332542110.0686091659
0.0652186308-0.00881533720.0559739268
0.065927387-0.04100506470.0229196923
0.0662715064-0.05411406170.0094862753
0.0670578575-0.0690800042-0.0054867265
0.067609486-0.0805674741-0.0170496379
0.0677029817-0.1176589459-0.0559452835
0.0693637976-0.1197197165-0.0566230171
0.0715270855-0.13091942-0.0664822825
0.073523143-0.1335486503-0.0674872414
0.075670949-0.1119435818-0.0426420799
0.0780561164-0.1067633603-0.0349956941
0.0785480844-0.0998758411-0.0272438884
0.0800520053-0.0869606571-0.0121538357
0.0820795735-0.06428097190.0138542034
0.0826076527-0.05969597980.019224242
0.0844627099-0.04431840270.0373526362
0.0860566142-0.04186646250.0415001384
0.0874579746-0.02220304120.0638065239
0.0888898168-0.01564986810.0722028182
0.0901928998-0.01145088610.0779716651
0.0910602148-0.00680168440.0837988678
0.0912580178-0.0149207910.075327474
0.0908238587-0.011619640.0784258029
0.0902893153-0.00907852210.080608344
0.089549023-0.00271744750.086661782
0.08875006880.01336684510.1029973336
0.08874951440.01273954490.1023282861
0.08921397490.01769079370.1080720112
0.09007102890.02452641480.116228639
0.09079840630.04522952670.1390552078
0.09138035440.06345286990.1591048558
0.09015633730.07915305570.1745531705
0.08915411970.08097893770.1754307677
0.08781215380.0701505970.162491166
0.08599073140.05571141540.1452270154
0.08568308970.03976865230.1279659665
0.08473457760.03398906090.1208511424
0.08383009520.02807188380.1136446905
0.08347769690.02645539140.1115681547
0.08375269680.03060955290.1162558792
0.08457123080.03117605780.117694016
0.08576067450.03455917190.1225048976
0.0869825630.0329564470.1220580105
0.08722306260.02677969530.1157321271
0.08718842680.01312006160.1011556122
0.0867481521-0.01308971490.0728098767
0.0864609677-0.02118606770.06390736
0.0859450219-0.02912689230.0549526305
0.0854071088-0.02674409250.0569634372
0.0842209203-0.01576684680.06746845
0.082933118-0.01087735840.0713876349
0.0817407383-0.00503385970.0764018204
0.0802984781-0.00183354140.0783560704
0.07972051240.0096650810.0899605435
0.07848428740.0177191160.0972388686
0.0771335370.02958298390.1084093597
0.07600839530.04559003670.1241633867
0.07460.06660.1449
0.07310.07810.1555
0.07130.10350.1802
0.06930.11660.1918
0.06750.12680.2006
0.06570.12990.2019
0.06430.11690.1868
0.06340.10780.1762
0.06220.09920.166
0.0610.1010.166
0.0590.1090.173
Income
Appreciation
Total
Annual Return
Sheet4
0.08195254930.05598528880.1413197029
0.08198071120.05487527870.1401740544
0.08449538510.07034726220.159208468
0.08758796870.08412532840.1771420006
0.08827390870.09564080780.1901282426
0.08758471890.10612037820.200529769
0.08675726860.0836162390.1757209163
0.08533053870.08183816650.1723158087
0.0860076010.07206236890.1626298311
0.0862710980.07260036110.1634789539
0.08591458190.08906680440.1805934752
0.08525789030.09683540830.188145139
0.08302285550.08712947210.1754729559
0.08111162880.0706510040.1559740918
0.08001618170.05546904230.1387575574
0.08036173670.03408524950.1164839666
0.08074825080.01640071990.0981309017
0.08062125230.01265475980.0940302148
0.08053790670.01309350220.094411061
0.07865031270.01640760040.0960138988
0.07874217780.04627049720.1276962487
0.07821512690.06238641660.1441933308
0.07828312190.06842346370.1506429497
0.07902888550.07284376770.1561083246
0.07907600210.05139462570.1334722337
0.08001804520.04544739630.1281501247
0.08078095180.03850244730.1215877195
0.08160466730.03965501890.1236554161
0.08138862120.03870298440.122424859
0.08128478350.0300447920.113137109
0.08041271850.02992395250.1121142403
0.0793081530.01876842880.0991777951
0.0789856240.00729926930.0867121034
0.0787904560.01154637020.091011523
0.07865468870.00589990610.0849007942
0.07901242680.0110548770.0907168409
0.0788693040.0189303080.0989095308
0.07868820220.01911850390.0989251326
0.07847862830.02233652440.1021149985
0.07767546750.02548988110.1046342574
0.0767105120.0208584040.098758608
0.0768031270.017847650.0956716554
0.07538464650.0179239870.094309959
0.07468542290.01978920710.0955735529
0.07404712150.01273816680.0874854741
0.07313374990.00479072730.0781863176
0.07369211080.00052449460.0742491966
0.073235901-0.02168291630.0503680668
0.0746740054-0.05222274720.0195511194
0.0748499315-0.06453950460.0067053483
0.0753948488-0.0724931164-0.0011869591
0.0767810147-0.0855864444-0.0137398508
0.0763394054-0.1087140707-0.0386260413
0.0780968126-0.113867647-0.0424845343
0.0790200845-0.1275515627-0.0561636853
0.0803363885-0.1289674516-0.0564853048
0.0817533575-0.1191226556-0.0447153933
0.0837053669-0.1112297514-0.0345602788
0.0851263709-0.1149820752-0.0372545394
0.0864974438-0.1037169714-0.023997031
0.0896097972-0.0911570137-0.00767018
0.0904888794-0.0836008370.0012153649
0.0918594121-0.06333922840.0241785225
0.0947344188-0.05042640010.0407359839
0.0962343306-0.01862157540.0762684708
0.0983350863-0.00520706150.0927315744
0.10058365870.01056976120.1119374903
0.10093690650.01700728910.1192120502
0.10023615290.02122068480.1230274797
0.09996746710.02271663180.124360849
0.09898435240.0202174750.1206793405
0.09826052130.02913200640.1295059867
0.09799172260.0352029710.1357418351
0.09695127740.03561350680.135113278
0.0971723710.04559399480.1460297443
0.09633228020.05328350030.1534001076
0.09583320580.05934962850.1593739049
0.09581802210.06558452080.1660277075
0.09423953650.07719398340.1767817957
0.09342558990.07033124550.1685911127
0.09260436910.06177625960.1585907643
0.09125577930.0508989010.1455765528
0.09115001110.03235437170.1256834726
0.09074349770.0255063310.1179619755
0.09038227460.02444101870.1164579298
0.09003214970.02390613170.1155301967
0.09013157530.0321400810.1244085012
0.09060937850.03648294360.1295288629
0.09054047260.04657637880.1402264045
0.09025716670.04732102770.1407251799
0.08992735040.04486475240.1377669794
0.08955722130.03060332650.122188275
0.0890012680.00373571980.0929766364
0.0895141597-0.00322450380.0860685989
0.0885383108-0.02375095030.0632170811
0.0872675469-0.02471297320.0609486717
0.0865082598-0.01835810740.0669697806
0.0851738087-0.01475645340.0694857591
0.0845259409-0.01327461850.0704165635
0.0845614182-0.00882715920.0751786726
0.0839828267-0.00158662330.0823004568
0.08285986590.00238569140.0853987724
0.08175644070.01760409950.1004304226
0.08056327890.02357809490.1055488288
0.0790.03940.1207
0.07790.04510.1256
0.07690.09320.1755
0.07450.10930.1898
0.07320.12320.2031
0.0710.13120.209
0.06910.11010.1849
0.06770.1060.1789
0.06640.09850.1696
0.0650.0980.168
0.0640.10.169
Income
Appreciation
Total
Annual Return
NCREIF Industrial Returns1978-Q207
Sheet5
0.09136520570.11327027170.2124220689
0.08891080180.13714106080.2351230833
0.0861432210.16419710750.260747774
0.08000024790.16264316290.2520230339
0.08200018140.10762509990.1959853992
0.08163831670.17627800950.2682805347
0.08108404390.15027735410.2401453365
0.08394785770.1649186140.2589346754
0.07681730140.17341346850.2599856843
0.07305916690.10064489180.1792063975
0.07321103330.13136612540.2116659923
0.0706208850.12153366030.1984636649
0.07397801480.12192900820.2024544178
0.07515489630.11320981260.1945506016
0.07351918320.07444000730.1519599894
0.07446314590.06224107650.1401026442
0.07419866340.02278072550.0982312497
0.07675333530.00634190170.0834633265
0.07776204730.0124788960.0909698713
0.07758213660.02616668890.1052742665
0.07544083740.04907262640.1273317402
0.07251273930.06476080370.1407748931
0.07174736580.07752693750.153390334
0.07110688340.06865588640.1433785487
0.07166529630.04971928140.1240140846
0.07171939730.03941332340.1132194403
0.07233777820.02409003490.0977274409
0.0735401460.02591451390.1008763178
0.07391440850.01559754050.0903665756
0.07389386670.02039282040.0954068468
0.07281930220.0146845230.088297909
0.07125165840.00307881910.07449263
0.0706294587-0.01294938780.0569975447
0.0704442877-0.02054956210.0488138874
0.0707226809-0.03599914010.0328329388
0.0709495292-0.0296599190.0397310749
0.0705124488-0.02934263380.0396373529
0.0700045074-0.02774899250.0408208924
0.0682678738-0.01406232770.0534876619
0.0672312128-0.01101955280.0556623358
0.0664277146-0.00630120960.0598148649
0.0659713966-0.00941318610.0560959014
0.0658036355-0.00422764890.0613679729
0.0647473846-0.01044762210.0537953116
0.0638500565-0.02134444670.0414805671
0.0628980487-0.02096101770.0409461087
0.0616008431-0.02813356770.0321711533
0.0619769055-0.03595442750.0243559963
0.0628632984-0.0701924211-0.0106141676
0.0635039152-0.0865885704-0.0271998789
0.0648478807-0.1064261429-0.0467758162
0.0653734996-0.1227026151-0.0633950591
0.0656689621-0.1715814093-0.1144539887
0.0674975243-0.168658614-0.1098269531
0.0713241753-0.1771232631-0.115457637
0.073560681-0.1765943667-0.1129981445
0.0766963281-0.1485846915-0.0804734264
0.080371607-0.1468074269-0.0753921592
0.079557042-0.1466240348-0.0759220502
0.082150133-0.1357599208-0.0620909789
0.0846809014-0.1167072587-0.0394690678
0.085304742-0.1135526837-0.0355492
0.0887683403-0.0842996886-0.0011432604
0.0908782205-0.0877931219-0.0029100268
0.0931382876-0.05039409060.039242972
0.0952081883-0.04267151310.0495056672
0.0968882849-0.04018323420.0537941814
0.097339415-0.02244796050.0732696278
0.0962982515-0.02288202680.0717730718
0.0940056692-0.01327696590.0798138945
0.0930419033-0.00481515940.0879016606
0.09163180960.00050601480.0921824293
0.09025708780.0425390860.1356493565
0.0912461810.0453971920.1397227316
0.09125741730.05182564130.1465858849
0.09254718950.06416638330.1611040182
0.09390191270.07932924790.1787140027
0.09362785220.10596606140.2068797535
0.09136068660.12483104630.2245310046
0.08927843490.12612858310.2236116771
0.08681252340.10283798720.1961815003
0.0839845350.07661768480.1653219182
0.0834071650.05554191710.1423602312
0.08201225030.05041299710.1354746344
0.08071352520.03912431140.1221736147
0.08060857020.03802440510.1209001606
0.08150379010.04411556870.1282690272
0.08304825690.04407136220.1298146031
0.08508191530.05270597790.1410859815
0.08717709720.04736367140.1375918147
0.08787315950.03472244160.1248617618
0.0880167330.01556687960.1046089122
0.0880524745-0.02445299680.0619903621
0.0882902354-0.03827215340.0474912854
0.0881937049-0.05293723440.0317669216
0.0883029641-0.05909397890.0253040023
0.087655287-0.05612668270.0278465861
0.086757576-0.05263223880.0307123713
0.0858727472-0.04551379230.0374389699
0.0840410326-0.03962903360.0419270702
0.0832540018-0.02497580840.0567321679
0.0817357586-0.01363572010.0672782627
0.0801435882-0.00301257460.0769546027
0.07920874730.01721401010.0974423029
0.07760.04030.1202
0.07610.05220.1312
0.07370.07980.1578
0.07120.10240.1789
0.06890.11960.1946
0.06650.12950.2023
0.06480.12390.1946
0.06460.11420.1842
0.06320.12270.1916
0.0620.1320.199
0.060.1530.221
Income
Appreciation
Total
Annual Return
NCREIF Office Returns1978-Q207
Sheet6
0.08389388820.02396164140.1093459943
0.08335700620.02020060460.1048070579
0.08575088970.00878104730.095129299
0.0852332190.00715104590.0928763178
0.08882567330.02215599730.1124489977
0.08897738990.0221611560.1126089709
0.08526685470.03409608710.1214799248
0.08504374630.04507179360.1329213201
0.08323301210.04199964680.1278110427
0.08363133120.03275829150.1184187794
0.08453093610.03421030620.1208856357
0.08428999460.02594496430.1118536325
0.08336098930.02530476840.1102380093
0.08282970660.02670753060.1111789397
0.08269932030.01441118410.0980076273
0.0842408255-0.0020390380.0820928622
0.087455483-0.01614729450.070242987
0.0889967285-0.01412165510.0739258454
0.0883087461-0.00036369780.0879237707
0.08730074530.01946120750.1080350838
0.08416407530.05103402420.1383961946
0.08363571110.07685326930.1652167964
0.08236152580.07783285190.1648953224
0.08186833440.07438027480.1607113396
0.08208266340.08187350820.1688752156
0.07946251460.06206636250.1451362765
0.08002474170.07081432090.1549872597
0.07891422640.06431064390.1469275353
0.07588318340.06449524730.1440270386
0.07587031890.06202226650.1414037585
0.07529838530.05269192140.1309662715
0.07431249490.05411465540.1314315938
0.0748276590.04782115690.1253084518
0.07395173550.04850707060.1251160639
0.07197317220.05022285760.1248653593
0.07104604740.05349994380.1273445857
0.07088104040.05015796110.1236612099
0.07006080370.05019496450.1228413109
0.07019774530.05629962520.1294028778
0.06945954390.06085706270.1334214435
0.06897673650.07654018280.1493987306
0.06817219060.08273459440.1550396592
0.06656591730.08254926520.1531332576
0.06495550230.08374402790.1526624467
0.06289477310.05958202550.1252496305
0.0618581930.05240564420.1166595849
0.06145533240.04744598690.11105891
0.06166761310.03441313070.0976498671
0.0619440429-0.00221932320.0596287075
0.0621195995-0.00970800330.0519691444
0.0623722134-0.02837763180.0326779028
0.0621750874-0.03798859230.0224195125
0.0621103078-0.0770792886-0.0185451328
0.0632385906-0.0852536594-0.0260570581
0.0641327592-0.0986666913-0.0392929253
0.0661962887-0.1030388926-0.0420022598
0.067988527-0.0860763588-0.0224792054
0.069154279-0.0793995677-0.0143714103
0.070457498-0.06380509450.0032812296
0.0713412331-0.05049311090.0181532852
0.0725170867-0.02286283230.0484192231
0.0727312582-0.02181411550.04973597
0.0735245332-0.02022269740.0521959981
0.0749111529-0.01629447370.0577040379
0.0763662973-0.01536445910.0601264374
0.0782604778-0.01051158160.0671382844
0.0799122221-0.01019282550.0691195363
0.08085718-0.01867171360.0610620735
0.0814608374-0.03929136260.0397954288
0.0820249542-0.04048781260.0390687087
0.0815697223-0.04142435470.0376349007
0.0815213342-0.03730449130.0419618143
0.0818682689-0.03144733090.0485150632
0.0820050853-0.03584049860.0439857867
0.0834549019-0.03403501340.0473108037
0.0845458227-0.02927200760.0534326695
0.0854993305-0.0001408610.0853399989
0.08702971540.01532544530.1033365716
0.08691288460.03462649610.1237634939
0.08671823010.03925098590.1284849582
0.0865957260.03998303880.1291372262
0.08551932630.03373272610.1213830472
0.08626357920.0202210420.1077758996
0.08577010020.01456027520.1012513105
0.08485433860.00998094340.0954638287
0.08449902350.0081272930.0931354815
0.08374937210.00663420260.0907956204
0.08353035130.00430960610.088105606
0.0845230392-0.00650773660.0776116329
0.0858657765-0.00557925720.0799333227
0.0862533226-0.00761331430.0781544997
0.0874485409-0.01496072340.0715132026
0.0875689725-0.01897445180.0673585709
0.087364323-0.02202728410.0639061867
0.0875311507-0.00577987480.0813805912
0.08809667610.01165824320.1005248274
0.0877876680.04659962910.1374104699
0.08720762710.05746426920.1483630331
0.08618355480.06298022350.1531641165
0.08501950650.06381428530.1528256379
0.08471883950.08168171720.1714824974
0.08275982380.08513079650.1730430587
0.08137615880.1010658870.1884639889
0.07933035530.12536493940.2119506741
0.07710.14430.2295
0.07490.16330.2472
0.07260.1540.2348
0.07040.1430.2207
0.0680.12550.1998
0.06690.11510.1876
0.06520.10210.1722
0.06370.09390.1619
0.06270.06770.1335
0.0610.0660.131
0.060.0720.136
Income
Appreciation
Total
Annual Return
NCREIF Retail Returns1978-Q207
0.08727722070.07728753320.1695120488
0.08715511240.09531220390.1885645798
0.08637015380.12802931970.2225060408
0.08390849680.1979290330.2938792465
0.08398988750.22022896110.3175943236
0.08505677640.18617287410.282791189
0.0849374370.15607809370.250726329
0.08515491110.11375248090.2060261418
0.0854633860.09546654960.1869317528
0.08110603120.10044031540.1874418314
0.07881507020.09139404580.1754015343
0.07845533220.04952822340.1308249431
0.07635391350.05786534880.1374824653
0.07922245720.06538149620.1484484174
0.0799725030.07839314230.1630193657
0.07724419520.08791175410.1701603197
0.07558146380.07581654280.1556326016
0.07325434120.07414149090.1513946169
0.07152660970.06864746080.1438002124
0.07106113630.09554287920.1715944106
0.06965974430.11302852510.1884883863
0.06748958680.11076356190.183722598
0.06779690410.13151852450.2058125317
0.06624445340.0924876550.1632270701
0.06972554770.05855718640.1312941693
0.07183253460.04967038030.1241528331
0.07198739990.01307751250.0857619385
0.07697515180.02242172820.1006429465
0.07878868990.03513520980.115917072
0.07759680640.03838154570.1181223449
0.07869816350.02960123470.1099701928
0.08078693560.00156266230.0824712871
0.0754777849-0.00430590050.0710354708
0.0773367137-0.01078617550.0660244273
0.0779540876-0.01712015350.059938146
0.0747847385-0.0014063670.0733441691
0.0781225698-0.00828611560.0693528607
0.0783067166-0.00338066090.0747309579
0.0786946790.01160626150.0909780333
0.07762691250.02841164060.1076732657
0.07765519690.02428834570.1033427313
0.07695029780.02619823490.1046417147
0.0743142230.01686867940.092091046
0.07240171360.00761057540.0804209908
0.07123133240.01603654980.0881121986
0.07061173650.01930767630.0909268241
0.07113206390.02608547350.0985932336
0.07080280040.01409251910.0856313601
0.0717793093-0.01318851850.0579101125
0.0714801318-0.03579357730.0337877364
0.0712581806-0.04086991260.0282240528
0.0722322539-0.05224830990.0171632242
0.0715827961-0.0808582423-0.0135956883
0.0738289839-0.0746248495-0.0049151561
0.0778467545-0.0881958912-0.0155152025
0.0805690667-0.0920620066-0.0170965194
0.0825070671-0.06154276440.017175012
0.0849403149-0.06010117530.0210187467
0.0853639416-0.04617545070.0362354056
0.0861896647-0.03007432420.0541771781
0.0888628829-0.00151965820.0872293619
0.08980585430.01040250190.1008889435
0.09034888930.02065782960.1123788069
0.09155896640.02417934970.117373517
0.09084833320.02800185780.1207366584
0.09134437470.0276348520.1208534767
0.09174057660.02780420490.1214395322
0.09231261930.02895980190.1232593696
0.09301555790.02203944590.1165726596
0.09184829030.0250857350.1186376748
0.09168963560.0271879140.1207200066
0.09073944040.02818266770.1208093314
0.09000388760.02379085340.1153782886
0.08877934830.02087034240.1110165405
0.08796503340.02225156830.1116615283
0.08750571080.02935187950.1187518512
0.08721902970.03929758890.1290404964
0.08807016790.04898487040.1402367377
0.08787392180.052590340.1438702934
0.0875209260.05570448040.1468175625
0.08680751960.05112813660.1412089767
0.08587838090.0474672610.1363512013
0.08449861680.04147462370.1285552574
0.08324683870.033600840.1189118559
0.08227082340.03298642670.1172643332
0.08146731390.02878982280.1119919599
0.08152604870.03267725220.1161722934
0.08219251310.03626663570.1206601799
0.08309332220.04410691030.1298977561
0.08384111720.04450910410.1311016325
0.08378669950.04323602820.1296934657
0.08245096010.03579072820.1204128178
0.08066111160.01228594290.0936761385
0.07844506390.00953459350.0885294473
0.07625005170.00222494580.0786020431
0.07402891070.00830951880.0828082201
0.07106908460.01572174910.0876251084
0.06879205870.02051283360.0903561299
0.06653453430.02730261070.0951819651
0.06428269840.0233321120.0887281304
0.06345201120.02441024450.0890104523
0.06271243420.03278114520.0970178625
0.06193848210.0379537460.1016347323
0.06156033080.04711230780.1108225578
0.06080.06080.1304
0.05970.07480.1378
0.05880.10750.1709
0.0580.12620.1895
0.05690.14850.2115
0.05620.14740.2097
0.05570.12750.1884
0.05480.1110.1702
0.05390.08890.1463
0.0520.0840.139
0.050.080.13
Income
Appreciation
Total
Annual Return
NCREIF Apartment Returns1978-Q207
Real Estate Portfolio - Geographic Diversification
MBD00F1F2C5.xls
MBD00F0DD4C.xls
-
Hedge Funds PortfolioThere are many different types of HF portfolios with dramatically different risk/return profilesWBs HF portfolio is constructed to have low volatility and to seek positive returns across market environments by limiting downside riskPortfolio rebuilt during 2000-2003--is now very diversified across strategies, geographies and number of managersEquipped to deal with high profile losses but has avoided them so farHedge funds techniques permeate all asset classes nowadays--useful source of intelligence
-
Source: Morgan StanleyHedge Fund Diversification Very diversified portfolio: more than 40 managers across all strategies and geographies
-
* Numbers are preliminaryHedge Fund Risk Adjusted Returns HF provide substantially higher risk-adjusted returns compared with other public asset classes.Performance and Risk of HF Portfolio Jan 2003-2007 (Sept*)
RE
Geographic Distribution
Asia6%53,229,123.70
Europe21%195,008,846.25
U.S.73%673,672,480.30
1921,910,450.25
RE
0.2230.330.1670.1490.03734871190.085
0.36820.17540.21040.22290.02310
Office
Industrial
Apartments
Retail
Hotels
Other
SRP Portfolio By Property Type
HF
179.68291263
311.03939221
114.838337
145.07613995
Total Portfolio
Sheet3
0.0885186240.06813392130.1611311094
0.08786003060.07841905290.1713775278
0.0884705790.09121929950.1856321307
0.08822794090.10610664630.2012146384
0.08947852380.10804935150.2046140066
0.08900916620.12731180580.2246178351
0.08671378520.10801648660.2015860456
0.08584616940.09845272380.1904873968
0.08401409570.09108824910.1807356961
0.0826183960.06527989780.1518848264
0.08257310870.08525573310.1729989564
0.08140504020.08032865630.1665329538
0.08064291420.08083838480.1662768543
0.07984389720.07667265920.1610127354
0.07843764010.05527072020.1369119651
0.07817367940.03790486160.1182735052
0.07891979060.01458997670.0943589889
0.08039811640.00570269680.0864377297
0.08055651680.0102666160.0914335561
0.08044686750.02491540310.1068547413
0.07891912590.04939418160.1312322962
0.07722543650.0679191030.149028199
0.07647186380.07521679580.1559315092
0.07593286510.07045053790.1503279175
0.07615533390.05887794460.1383391425
0.07538958820.04642492480.1243923659
0.07579004310.04025832090.1183006085
0.07619516750.03913105790.1175288272
0.07528726560.03509517920.1123445017
0.07557536290.03429190420.1117933769
0.07490040910.02842421040.104910866
0.07383796150.02034702120.0953040281
0.07365627170.00885926670.0830016303
0.07337106360.00706226680.0808195573
0.0728177117-0.00021705250.0725925746
0.07278714670.00580621450.078911907
0.07272166990.00688646670.0799854758
0.07220009220.00754043770.0801498953
0.07171959670.01622410810.0888065796
0.07082498770.0201227830.092006034
0.07036495050.0246466490.0963010664
0.06978759610.02425025930.0952934902
0.06881293440.02524044550.0953385716
0.06768982890.02277777820.0916076035
0.0665127760.01060182920.0776401587
0.06563246920.00768153640.0736884254
0.06512113560.00332542110.0686091659
0.0652186308-0.00881533720.0559739268
0.065927387-0.04100506470.0229196923
0.0662715064-0.05411406170.0094862753
0.0670578575-0.0690800042-0.0054867265
0.067609486-0.0805674741-0.0170496379
0.0677029817-0.1176589459-0.0559452835
0.0693637976-0.1197197165-0.0566230171
0.0715270855-0.13091942-0.0664822825
0.073523143-0.1335486503-0.0674872414
0.075670949-0.1119435818-0.0426420799
0.0780561164-0.1067633603-0.0349956941
0.0785480844-0.0998758411-0.0272438884
0.0800520053-0.0869606571-0.0121538357
0.0820795735-0.06428097190.0138542034
0.0826076527-0.05969597980.019224242
0.0844627099-0.04431840270.0373526362
0.0860566142-0.04186646250.0415001384
0.0874579746-0.02220304120.0638065239
0.0888898168-0.01564986810.0722028182
0.0901928998-0.01145088610.0779716651
0.0910602148-0.00680168440.0837988678
0.0912580178-0.0149207910.075327474
0.0908238587-0.011619640.0784258029
0.0902893153-0.00907852210.080608344
0.089549023-0.00271744750.086661782
0.08875006880.01336684510.1029973336
0.08874951440.01273954490.1023282861
0.08921397490.01769079370.1080720112
0.09007102890.02452641480.116228639
0.09079840630.04522952670.1390552078
0.09138035440.06345286990.1591048558
0.09015633730.07915305570.1745531705
0.08915411970.08097893770.1754307677
0.08781215380.0701505970.162491166
0.08599073140.05571141540.1452270154
0.08568308970.03976865230.1279659665
0.08473457760.03398906090.1208511424
0.08383009520.02807188380.1136446905
0.08347769690.02645539140.1115681547
0.08375269680.03060955290.1162558792
0.08457123080.03117605780.117694016
0.08576067450.03455917190.1225048976
0.0869825630.0329564470.1220580105
0.08722306260.02677969530.1157321271
0.08718842680.01312006160.1011556122
0.0867481521-0.01308971490.0728098767
0.0864609677-0.02118606770.06390736
0.0859450219-0.02912689230.0549526305
0.0854071088-0.02674409250.0569634372
0.0842209203-0.01576684680.06746845
0.082933118-0.01087735840.0713876349
0.0817407383-0.00503385970.0764018204
0.0802984781-0.00183354140.0783560704
0.07972051240.0096650810.0899605435
0.07848428740.0177191160.0972388686
0.0771335370.02958298390.1084093597
0.07600839530.04559003670.1241633867
0.07460.06660.1449
0.07310.07810.1555
0.07130.10350.1802
0.06930.11660.1918
0.06750.12680.2006
0.06570.12990.2019
0.06430.11690.1868
0.06340.10780.1762
0.06220.09920.166
0.0610.1010.166
0.0590.1090.173
Income
Appreciation
Total
Annual Return
Sheet4
0.08195254930.05598528880.1413197029
0.08198071120.05487527870.1401740544
0.08449538510.07034726220.159208468
0.08758796870.08412532840.1771420006
0.08827390870.09564080780.1901282426
0.08758471890.10612037820.200529769
0.08675726860.0836162390.1757209163
0.08533053870.08183816650.1723158087
0.0860076010.07206236890.1626298311
0.0862710980.07260036110.1634789539
0.08591458190.08906680440.1805934752
0.08525789030.09683540830.188145139
0.08302285550.08712947210.1754729559
0.08111162880.0706510040.1559740918
0.08001618170.05546904230.1387575574
0.08036173670.03408524950.1164839666
0.08074825080.01640071990.0981309017
0.08062125230.01265475980.0940302148
0.08053790670.01309350220.094411061
0.07865031270.01640760040.0960138988
0.07874217780.04627049720.1276962487
0.07821512690.06238641660.1441933308
0.07828312190.06842346370.1506429497
0.07902888550.07284376770.1561083246
0.07907600210.05139462570.1334722337
0.08001804520.04544739630.1281501247
0.08078095180.03850244730.1215877195
0.08160466730.03965501890.1236554161
0.08138862120.03870298440.122424859
0.08128478350.0300447920.113137109
0.08041271850.02992395250.1121142403
0.0793081530.01876842880.0991777951
0.0789856240.00729926930.0867121034
0.0787904560.01154637020.091011523
0.07865468870.00589990610.0849007942
0.07901242680.0110548770.0907168409
0.0788693040.0189303080.0989095308
0.07868820220.01911850390.0989251326
0.07847862830.02233652440.1021149985
0.07767546750.02548988110.1046342574
0.0767105120.0208584040.098758608
0.0768031270.017847650.0956716554
0.07538464650.0179239870.094309959
0.07468542290.01978920710.0955735529
0.07404712150.01273816680.0874854741
0.07313374990.00479072730.0781863176
0.07369211080.00052449460.0742491966
0.073235901-0.02168291630.0503680668
0.0746740054-0.05222274720.0195511194
0.0748499315-0.06453950460.0067053483
0.0753948488-0.0724931164-0.0011869591
0.0767810147-0.0855864444-0.0137398508
0.0763394054-0.1087140707-0.0386260413
0.0780968126-0.113867647-0.0424845343
0.0790200845-0.1275515627-0.0561636853
0.0803363885-0.1289674516-0.0564853048
0.0817533575-0.1191226556-0.0447153933
0.0837053669-0.1112297514-0.0345602788
0.0851263709-0.1149820752-0.0372545394
0.0864974438-0.1037169714-0.023997031
0.0896097972-0.0911570137-0.00767018
0.0904888794-0.0836008370.0012153649
0.0918594121-0.06333922840.0241785225
0.0947344188-0.05042640010.0407359839
0.0962343306-0.01862157540.0762684708
0.0983350863-0.00520706150.0927315744
0.10058365870.01056976120.1119374903
0.10093690650.01700728910.1192120502
0.10023615290.02122068480.1230274797
0.09996746710.02271663180.124360849
0.09898435240.0202174750.1206793405
0.09826052130.02913200640.1295059867
0.09799172260.0352029710.1357418351
0.09695127740.03561350680.135113278
0.0971723710.04559399480.1460297443
0.09633228020.05328350030.1534001076
0.09583320580.05934962850.1593739049
0.09581802210.06558452080.1660277075
0.09423953650.07719398340.1767817957
0.09342558990.07033124550.1685911127
0.09260436910.06177625960.1585907643
0.09125577930.0508989010.1455765528
0.09115001110.03235437170.1256834726
0.09074349770.0255063310.1179619755
0.09038227460.02444101870.1164579298
0.09003214970.02390613170.1155301967
0.09013157530.0321400810.1244085012
0.09060937850.03648294360.1295288629
0.09054047260.04657637880.1402264045
0.09025716670.04732102770.1407251799
0.08992735040.04486475240.1377669794
0.08955722130.03060332650.122188275
0.0890012680.00373571980.0929766364
0.0895141597-0.00322450380.0860685989
0.0885383108-0.02375095030.0632170811
0.0872675469-0.02471297320.0609486717
0.0865082598-0.01835810740.0669697806
0.0851738087-0.01475645340.0694857591
0.0845259409-0.01327461850.0704165635
0.0845614182-0.00882715920.0751786726
0.0839828267-0.00158662330.0823004568
0.08285986590.00238569140.0853987724
0.08175644070.01760409950.1004304226
0.08056327890.02357809490.1055488288
0.0790.03940.1207
0.07790.04510.1256
0.07690.09320.1755
0.07450.10930.1898
0.07320.12320.2031
0.0710.13120.209
0.06910.11010.1849
0.06770.1060.1789
0.06640.09850.1696
0.0650.0980.168
0.0640.10.169
Income
Appreciation
Total
Annual Return
NCREIF Industrial Returns1978-Q207
Sheet5
0.09136520570.11327027170.2124220689
0.08891080180.13714106080.2351230833
0.0861432210.16419710750.260747774
0.08000024790.16264316290.2520230339
0.08200018140.10762509990.1959853992
0.08163831670.17627800950.2682805347
0.08108404390.15027735410.2401453365
0.08394785770.1649186140.2589346754
0.07681730140.17341346850.2599856843
0.07305916690.10064489180.1792063975
0.07321103330.13136612540.2116659923
0.0706208850.12153366030.1984636649
0.07397801480.12192900820.2024544178
0.07515489630.11320981260.1945506016
0.07351918320.07444000730.1519599894
0.07446314590.06224107650.1401026442
0.07419866340.02278072550.0982312497
0.07675333530.00634190170.0834633265
0.07776204730.0124788960.0909698713
0.07758213660.02616668890.1052742665
0.07544083740.04907262640.1273317402
0.07251273930.06476080370.1407748931
0.07174736580.07752693750.153390334
0.07110688340.06865588640.1433785487
0.07166529630.04971928140.1240140846
0.07171939730.03941332340.1132194403
0.07233777820.02409003490.0977274409
0.0735401460.02591451390.1008763178
0.07391440850.01559754050.0903665756
0.07389386670.02039282040.0954068468
0.07281930220.0146845230.088297909
0.07125165840.00307881910.07449263
0.0706294587-0.01294938780.0569975447
0.0704442877-0.02054956210.0488138874
0.0707226809-0.03599914010.0328329388
0.0709495292-0.0296599190.0397310749
0.0705124488-0.02934263380.0396373529
0.0700045074-0.02774899250.0408208924
0.0682678738-0.01406232770.0534876619
0.0672312128-0.01101955280.0556623358
0.0664277146-0.00630120960.0598148649
0.0659713966-0.00941318610.0560959014
0.0658036355-0.00422764890.0613679729
0.0647473846-0.01044762210.0537953116
0.0638500565-0.02134444670.0414805671
0.0628980487-0.02096101770.0409461087
0.0616008431-0.02813356770.0321711533
0.0619769055-0.03595442750.0243559963
0.0628632984-0.0701924211-0.0106141676
0.0635039152-0.0865885704-0.0271998789
0.0648478807-0.1064261429-0.0467758162
0.0653734996-0.1227026151-0.0633950591
0.0656689621-0.1715814093-0.1144539887
0.0674975243-0.168658614-0.1098269531
0.0713241753-0.1771232631-0.115457637
0.073560681-0.1765943667-0.1129981445
0.0766963281-0.1485846915-0.0804734264
0.080371607-0.1468074269-0.0753921592
0.079557042-0.1466240348-0.0759220502
0.082150133-0.1357599208-0.0620909789
0.0846809014-0.1167072587-0.0394690678
0.085304742-0.1135526837-0.0355492
0.0887683403-0.0842996886-0.0011432604
0.0908782205-0.0877931219-0.0029100268
0.0931382876-0.05039409060.039242972
0.0952081883-0.04267151310.0495056672
0.0968882849-0.04018323420.0537941814
0.097339415-0.02244796050.0732696278
0.0962982515-0.02288202680.0717730718
0.0940056692-0.01327696590.0798138945
0.0930419033-0.00481515940.0879016606
0.09163180960.00050601480.0921824293
0.09025708780.0425390860.1356493565
0.0912461810.0453971920.1397227316
0.09125741730.05182564130.1465858849
0.09254718950.06416638330.1611040182
0.09390191270.07932924790.1787140027
0.09362785220.10596606140.2068797535
0.09136068660.12483104630.2245310046
0.08927843490.12612858310.2236116771
0.08681252340.10283798720.1961815003
0.0839845350.07661768480.1653219182
0.0834071650.05554191710.1423602312
0.08201225030.05041299710.1354746344
0.08071352520.03912431140.1221736147
0.08060857020.03802440510.1209001606
0.08150379010.04411556870.1282690272
0.08304825690.04407136220.1298146031
0.08508191530.05270597790.1410859815
0.08717709720.04736367140.1375918147
0.08787315950.03472244160.1248617618
0.0880167330.01556687960.1046089122
0.0880524745-0.02445299680.0619903621
0.0882902354-0.03827215340.0474912854
0.0881937049-0.05293723440.0317669216
0.0883029641-0.05909397890.0253040023
0.087655287-0.05612668270.0278465861
0.086757576-0.05263223880.0307123713
0.0858727472-0.04551379230.0374389699
0.0840410326-0.03962903360.0419270702
0.0832540018-0.02497580840.0567321679
0.0817357586-0.01363572010.0672782627
0.0801435882-0.00301257460.0769546027
0.07920874730.01721401010.0974423029
0.07760.04030.1202
0.07610.05220.1312
0.07370.07980.1578
0.07120.10240.1789
0.06890.11960.1946
0.06650.12950.2023
0.06480.12390.1946
0.06460.11420.1842
0.06320.12270.1916
0.0620.1320.199
0.060.1530.221
Income
Appreciation
Total
Annual Return
NCREIF Office Returns1978-Q207
Sheet6
0.08389388820.02396164140.1093459943
0.08335700620.02020060460.1048070579
0.08575088970.00878104730.095129299
0.0852332190.00715104590.0928763178
0.08882567330.02215599730.1124489977
0.08897738990.0221611560.1126089709
0.08526685470.03409608710.1214799248
0.08504374630.04507179360.1329213201
0.08323301210.04199964680.1278110427
0.08363133120.03275829150.1184187794
0.08453093610.03421030620.1208856357
0.08428999460.02594496430.1118536325
0.08336098930.02530476840.1102380093
0.08282970660.02670753060.1111789397
0.08269932030.01441118410.0980076273
0.0842408255-0.0020390380.0820928622
0.087455483-0.01614729450.070242987
0.0889967285-0.01412165510.0739258454
0.0883087461-0.00036369780.0879237707
0.08730074530.01946120750.1080350838
0.08416407530.05103402420.1383961946
0.08363571110.07685326930.1652167964
0.08236152580.07783285190.1648953224
0.08186833440.07438027480.1607113396
0.08208266340.08187350820.1688752156
0.07946251460.06206636250.1451362765
0.08002474170.07081432090.1549872597
0.07891422640.06431064390.1469275353
0.07588318340.06449524730.1440270386
0.07587031890.06202226650.1414037585
0.07529838530.05269192140.1309662715
0.07431249490.05411465540.1314315938
0.0748276590.04782115690.1253084518
0.07395173550.04850707060.1251160639
0.07197317220.05022285760.1248653593
0.07104604740.05349994380.1273445857
0.07088104040.05015796110.1236612099
0.07006080370.05019496450.1228413109
0.07019774530.05629962520.1294028778
0.06945954390.06085706270.1334214435
0.06897673650.07654018280.1493987306
0.06817219060.08273459440.1550396592
0.06656591730.08254926520.1531332576
0.06495550230.08374402790.1526624467
0.06289477310.05958202550.1252496305
0.0618581930.05240564420.1166595849
0.06145533240.04744598690.11105891
0.06166761310.03441313070.0976498671
0.0619440429-0.00221932320.0596287075
0.0621195995-0.00970800330.0519691444
0.0623722134-0.02837763180.0326779028
0.0621750874-0.03798859230.0224195125
0.0621103078-0.0770792886-0.0185451328
0.0632385906-0.0852536594-0.0260570581
0.0641327592-0.0986666913-0.0392929253
0.0661962887-0.1030388926-0.0420022598
0.067988527-0.0860763588-0.0224792054
0.069154279-0.0793995677-0.0143714103
0.070457498-0.06380509450.0032812296
0.0713412331-0.05049311090.0181532852
0.0725170867-0.02286283230.0484192231
0.0727312582-0.02181411550.04973597
0.0735245332-0.02022269740.0521959981
0.0749111529-0.01629447370.0577040379
0.0763662973-0.01536445910.0601264374
0.0782604778-0.01051158160.0671382844
0.0799122221-0.01019282550.0691195363
0.08085718-0.01867171360.0610620735
0.0814608374-0.03929136260.0397954288
0.0820249542-0.04048781260.0390687087
0.0815697223-0.04142435470.0376349007
0.0815213342-0.03730449130.0419618143
0.0818682689-0.03144733090.0485150632
0.0820050853-0.03584049860.0439857867
0.0834549019-0.03403501340.0473108037
0.0845458227-0.02927200760.0534326695
0.0854993305-0.0001408610.0853399989
0.08702971540.01532544530.1033365716
0.08691288460.03462649610.1237634939
0.08671823010.03925098590.1284849582
0.0865957260.03998303880.1291372262
0.08551932630.03373272610.1213830472
0.08626357920.0202210420.1077758996
0.08577010020.01456027520.1012513105
0.08485433860.00998094340.0954638287
0.08449902350.0081272930.0931354815
0.08374937210.00663420260.0907956204
0.08353035130.00430960610.088105606
0.0845230392-0.00650773660.0776116329
0.0858657765-0.00557925720.0799333227
0.0862533226-0.00761331430.0781544997
0.0874485409-0.01496072340.0715132026
0.0875689725-0.01897445180.0673585709
0.087364323-0.02202728410.0639061867
0.0875311507-0.00577987480.0813805912
0.08809667610.01165824320.1005248274
0.0877876680.04659962910.1374104699
0.08720762710.05746426920.1483630331
0.08618355480.06298022350.1531641165
0.08501950650.06381428530.1528256379
0.08471883950.08168171720.1714824974
0.08275982380.08513079650.1730430587
0.08137615880.1010658870.1884639889
0.07933035530.12536493940.2119506741
0.07710.14430.2295
0.07490.16330.2472
0.07260.1540.2348
0.07040.1430.2207
0.0680.12550.1998
0.06690.11510.1876
0.06520.10210.1722
0.06370.09390.1619
0.06270.06770.1335
0.0610.0660.131
0.060.0720.136
Income
Appreciation
Total
Annual Return
NCREIF Retail Returns1978-Q207
0.08727722070.07728753320.1695120488
0.08715511240.09531220390.1885645798
0.08637015380.12802931970.2225060408
0.08390849680.1979290330.2938792465
0.08398988750.22022896110.3175943236
0.08505677640.18617287410.282791189
0.0849374370.15607809370.250726329
0.08515491110.11375248090.2060261418
0.0854633860.09546654960.1869317528
0.08110603120.10044031540.1874418314
0.07881507020.09139404580.1754015343
0.07845533220.04952822340.1308249431
0.07635391350.05786534880.1374824653
0.07922245720.06538149620.1484484174
0.0799725030.07839314230.1630193657
0.07724419520.08791175410.1701603197
0.07558146380.07581654280.1556326016
0.07325434120.07414149090.1513946169
0.07152660970.06864746080.1438002124
0.07106113630.09554287920.1715944106
0.06965974430.11302852510.1884883863
0.06748958680.11076356190.183722598
0.06779690410.13151852450.2058125317
0.06624445340.0924876550.1632270701
0.06972554770.05855718640.1312941693
0.07183253460.04967038030.1241528331
0.07198739990.01307751250.0857619385
0.07697515180.02242172820.1006429465
0.07878868990.03513520980.115917072
0.07759680640.03838154570.1181223449
0.07869816350.02960123470.1099701928
0.08078693560.00156266230.0824712871
0.0754777849-0.00430590050.0710354708
0.0773367137-0.01078617550.0660244273
0.0779540876-0.01712015350.059938146
0.0747847385-0.0014063670.0733441691
0.0781225698-0.00828611560.0693528607
0.0783067166-0.00338066090.0747309579
0.0786946790.01160626150.0909780333
0.07762691250.02841164060.1076732657
0.07765519690.02428834570.1033427313
0.07695029780.02619823490.1046417147
0.0743142230.01686867940.092091046
0.07240171360.00761057540.0804209908
0.07123133240.01603654980.0881121986
0.07061173650.01930767630.0909268241
0.07113206390.02608547350.0985932336
0.07080280040.01409251910.0856313601
0.0717793093-0.01318851850.0579101125
0.0714801318-0.03579357730.0337877364
0.0712581806-0.04086991260.0282240528
0.0722322539-0.05224830990.0171632242
0.0715827961-0.0808582423-0.0135956883
0.0738289839-0.0746248495-0.0049151561
0.0778467545-0.0881958912-0.0155152025
0.0805690667-0.0920620066-0.0170965194
0.0825070671-0.06154276440.017175012
0.0849403149-0.06010117530.0210187467
0.0853639416-0.04617545070.0362354056
0.0861896647-0.03007432420.0541771781
0.0888628829-0.00151965820.0872293619
0.08980585430.01040250190.1008889435
0.09034888930.02065782960.1123788069
0.09155896640.02417934970.117373517
0.09084833320.02800185780.1207366584
0.09134437470.0276348520.1208534767
0.09174057660.02780420490.1214395322
0.09231261930.02895980190.1232593696
0.09301555790.02203944590.1165726596
0.09184829030.0250857350.1186376748
0.09168963560.0271879140.1207200066
0.09073944040.02818266770.1208093314
0.09000388760.02379085340.1153782886
0.08877934830.02087034240.1110165405
0.08796503340.02225156830.1116615283
0.08750571080.02935187950.1187518512
0.08721902970.03929758890.1290404964
0.08807016790.04898487040.1402367377
0.08787392180.052590340.1438702934
0.0875209260.05570448040.1468175625
0.08680751960.05112813660.1412089767
0.08587838090.0474672610.1363512013
0.08449861680.04147462370.1285552574
0.08324683870.033600840.1189118559
0.08227082340.03298642670.1172643332
0.08146731390.02878982280.1119919599
0.08152604870.03267725220.1161722934
0.08219251310.03626663570.1206601799
0.08309332220.04410691030.1298977561
0.08384111720.04450910410.1311016325
0.08378669950.04323602820.1296934657
0.08245096010.03579072820.1204128178
0.08066111160.01228594290.0936761385
0.07844506390.00953459350.0885294473
0.07625005170.00222494580.0786020431
0.07402891070.00830951880.0828082201
0.07106908460.01572174910.0876251084
0.06879205870.02051283360.0903561299
0.06653453430.02730261070.0951819651
0.06428269840.0233321120.0887281304
0.06345201120.02441024450.0890104523
0.06271243420.03278114520.0970178625
0.06193848210.0379537460.1016347323
0.06156033080.04711230780.1108225578
0.06080.06080.1304
0.05970.07480.1378
0.05880.10750.1709
0.0580.12620.1895
0.05690.14850.2115
0.05620.14740.2097
0.05570.12750.1884
0.05480.1110.1702
0.05390.08890.1463
0.0520.0840.139
0.050.080.13
Income
Appreciation
Total
Annual Return
NCREIF Apartment Returns1978-Q207
0.0577378461
0.2115
0.7307621539
Real Estate Portfolio - Geographic Diversification
Performance and Risk of HF Portfolio, Jan 2003-2007
ReturnsStd. DevReturn/Risk
SRP HF10.44%3.04%3.43
HF Policy Benchmark5.42%2.76%1.96
Excess Return in HF Portfolio5.02%
S&P 50014.36%8.45%1.70
Lehman Bond Aggregate4.01%3.61%1.11
MBD00F1F2C5.xls
MBD00F0DD4C.xls
-
Source: Morgan StanleyReturns of SRP HF Portfolio, 2000-2007 (Sept *)Hedge Fund Performance: Consistency HF portfolio produced consistent and positive absolute returns Staff choices of managers added significant value Return stream is excellent diversifier for plan* Numbers are preliminary
RE
Geographic Distribution
Asia6%53,229,123.70
Europe21%195,008,846.25
U.S.73%673,672,480.30
1921,910,450.25
RE
0.2230.330.1670.1490.03734871190.085
0.36820.17540.21040.22290.02310
Office
Industrial
Apartments
Retail
Hotels
Other
SRP Portfolio By Property Type
HFSRP
179.68291263
311.03939221
114.838337
145.07613995
Total Portfolio
HF2
0.0885186240.06813392130.1611311094
0.08786003060.07841905290.1713775278
0.0884705790.09121929950.1856321307
0.08822794090.10610664630.2012146384
0.08947852380.10804935150.2046140066
0.08900916620.12731180580.2246178351
0.08671378520.10801648660.2015860456
0.08584616940.09845272380.1904873968
0.08401409570.09108824910.1807356961
0.0826183960.06527989780.1518848264
0.08257310870.08525573310.1729989564
0.08140504020.08032865630.1665329538
0.08064291420.08083838480.1662768543
0.07984389720.07667265920.1610127354
0.07843764010.05527072020.1369119651
0.07817367940.03790486160.1182735052
0.07891979060.01458997670.0943589889
0.08039811640.00570269680.0864377297
0.08055651680.0102666160.0914335561
0.08044686750.02491540310.1068547413
0.07891912590.04939418160.1312322962
0.07722543650.0679191030.149028199
0.07647186380.07521679580.1559315092
0.07593286510.07045053790.1503279175
0.07615533390.05887794460.1383391425
0.07538958820.04642492480.1243923659
0.07579004310.04025832090.1183006085
0.07619516750.03913105790.1175288272
0.07528726560.03509517920.1123445017
0.07557536290.03429190420.1117933769
0.07490040910.02842421040.104910866
0.07383796150.02034702120.0953040281
0.07365627170.00885926670.0830016303
0.07337106360.00706226680.0808195573
0.0728177117-0.00021705250.0725925746
0.07278714670.00580621450.078911907
0.07272166990.00688646670.0799854758
0.07220009220.00754043770.0801498953
0.07171959670.01622410810.0888065796
0.07082498770.0201227830.092006034
0.07036495050.0246466490.0963010664
0.06978759610.02425025930.0952934902
0.06881293440.02524044550.0953385716
0.06768982890.02277777820.0916076035
0.0665127760.01060182920.0776401587
0.06563246920.00768153640.0736884254
0.06512113560.00332542110.0686091659
0.0652186308-0.00881533720.0559739268
0.065927387-0.04100506470.0229196923
0.0662715064-0.05411406170.0094862753
0.0670578575-0.0690800042-0.0054867265
0.067609486-0.0805674741-0.0170496379
0.0677029817-0.1176589459-0.0559452835
0.0693637976-0.1197197165-0.0566230171
0.0715270855-0.13091942-0.0664822825
0.073523143-0.1335486503-0.0674872414
0.075670949-0.1119435818-0.0426420799
0.0780561164-0.1067633603-0.0349956941
0.0785480844-0.0998758411-0.0272438884
0.0800520053-0.0869606571-0.0121538357
0.0820795735-0.06428097190.0138542034
0.0826076527-0.05969597980.019224242
0.0844627099-0.04431840270.0373526362
0.0860566142-0.04186646250.0415001384
0.0874579746-0.02220304120.0638065239
0.0888898168-0.01564986810.0722028182
0.0901928998-0.01145088610.0779716651
0.0910602148-0.00680168440.0837988678
0.0912580178-0.0149207910.075327474
0.0908238587-0.011619640.0784258029
0.0902893153-0.00907852210.080608344
0.089549023-0.00271744750.086661782
0.08875006880.01336684510.1029973336
0.08874951440.01273954490.1023282861
0.08921397490.01769079370.1080720112
0.09007102890.02452641480.116228639
0.09079840630.04522952670.1390552078
0.09138035440.06345286990.1591048558
0.09015633730.07915305570.1745531705
0.08915411970.08097893770.1754307677
0.08781215380.0701505970.162491166
0.08599073140.05571141540.1452270154
0.08568308970.03976865230.1279659665
0.08473457760.03398906090.1208511424
0.08383009520.02807188380.1136446905
0.08347769690.02645539140.1115681547
0.08375269680.03060955290.1162558792
0.08457123080.03117605780.117694016
0.08576067450.03455917190.1225048976
0.0869825630.0329564470.1220580105
0.08722306260.02677969530.1157321271
0.08718842680.01312006160.1011556122
0.0867481521-0.01308971490.0728098767
0.0864609677-0.02118606770.06390736
0.0859450219-0.02912689230.0549526305
0.0854071088-0.02674409250.0569634372
0.0842209203-0.01576684680.06746845
0.082933118-0.01087735840.0713876349
0.0817407383-0.00503385970.0764018204
0.0802984781-0.00183354140.0783560704
0.07972051240.0096650810.0899605435
0.07848428740.0177191160.0972388686
0.0771335370.02958298390.1084093597
0.07600839530.04559003670.1241633867
0.07460.06660.1449
0.07310.07810.1555
0.07130.10350.1802
0.06930.11660.1918
0.06750.12680.2006
0.06570.12990.2019
0.06430.11690.1868
0.06340.10780.1762
0.06220.09920.166
0.0610.1010.166
0.0590.1090.173
Income
Appreciation
Total
Annual Return
HF
0.08195254930.05598528880.1413197029
0.08198071120.05487527870.1401740544
0.08449538510.07034726220.159208468
0.08758796870.08412532840.1771420006
0.08827390870.09564080780.1901282426
0.08758471890.10612037820.200529769
0.08675726860.0836162390.1757209163
0.08533053870.08183816650.1723158087
0.0860076010.07206236890.1626298311
0.0862710980.07260036110.1634789539
0.08591458190.08906680440.1805934752
0.08525789030.09683540830.188145139
0.08302285550.08712947210.1754729559
0.08111162880.0706510040.1559740918
0.08001618170.05546904230.1387575574
0.08036173670.03408524950.1164839666
0.08074825080.01640071990.0981309017
0.08062125230.01265475980.0940302148
0.08053790670.01309350220.094411061
0.07865031270.01640760040.0960138988
0.07874217780.04627049720.1276962487
0.07821512690.06238641660.1441933308
0.07828312190.06842346370.1506429497
0.07902888550.07284376770.1561083246
0.07907600210.05139462570.1334722337
0.08001804520.04544739630.1281501247
0.08078095180.03850244730.1215877195
0.08160466730.03965501890.1236554161
0.08138862120.03870298440.122424859
0.08128478350.0300447920.113137109
0.08041271850.02992395250.1121142403
0.0793081530.01876842880.0991777951
0.0789856240.00729926930.0867121034
0.0787904560.01154637020.091011523
0.07865468870.00589990610.0849007942
0.07901242680.0110548770.0907168409
0.0788693040.0189303080.0989095308
0.07868820220.01911850390.0989251326
0.07847862830.02233652440.1021149985
0.07767546750.02548988110.1046342574
0.0767105120.0208584040.098758608
0.0768031270.017847650.0956716554
0.07538464650.0179239870.094309959
0.07468542290.01978920710.0955735529
0.07404712150.01273816680.0874854741
0.07313374990.00479072730.0781863176
0.07369211080.00052449460.0742491966
0.073235901-0.02168291630.0503680668
0.0746740054-0.05222274720.0195511194
0.0748499315-0.06453950460.0067053483
0.0753948488-0.0724931164-0.0011869591
0.0767810147-0.0855864444-0.0137398508
0.0763394054-0.1087140707-0.0386260413
0.0780968126-0.113867647-0.0424845343
0.0790200845-0.1275515627-0.0561636853
0.0803363885-0.1289674516-0.0564853048
0.0817533575-0.1191226556-0.0447153933
0.0837053669-0.1112297514-0.0345602788
0.0851263709-0.1149820752-0.0372545394
0.0864974438-0.1037169714-0.023997031
0.0896097972-0.0911570137-0.00767018
0.0904888794-0.0836008370.0012153649
0.0918594121-0.06333922840.0241785225
0.0947344188-0.05042640010.0407359839
0.0962343306-0.01862157540.0762684708
0.0983350863-0.00520706150.0927315744
0.10058365870.01056976120.1119374903
0.10093690650.01700728910.1192120502
0.10023615290.02122068480.1230274797
0.09996746710.02271663180.124360849
0.09898435240.0202174750.1206793405
0.09826052130.02913200640.1295059867
0.09799172260.0352029710.1357418351
0.09695127740.03561350680.135113278
0.0971723710.04559399480.1460297443
0.09633228020.05328350030.1534001076
0.09583320580.05934962850.1593739049
0.09581802210.06558452080.1660277075
0.09423953650.07719398340.1767817957
0.09342558990.07033124550.1685911127
0.09260436910.06177625960.1585907643
0.09125577930.0508989010.1455765528
0.09115001110.03235437170.1256834726
0.09074349770.0255063310.1179619755
0.09038227460.02444101870.1164579298
0.09003214970.02390613170.1155301967
0.09013157530.0321400810.1244085012
0.09060937850.03648294360.1295288629
0.09054047260.04657637880.1402264045
0.09025716670.04732102770.1407251799
0.08992735040.04486475240.1377669794
0.08955722130.03060332650.122188275
0.0890012680.00373571980.0929766364
0.0895141597-0.00322450380.0860685989
0.0885383108-0.02375095030.0632170811
0.0872675469-0.02471297320.0609486717
0.0865082598-0.01835810740.0669697806
0.0851738087-0.01475645340.0694857591
0.0845259409-0.01327461850.0704165635
0.0845614182-0.00882715920.0751786726
0.0839828267-0.00158662330.0823004568
0.08285986590.00238569140.0853987724
0.08175644070.01760409950.1004304226
0.08056327890.02357809490.1055488288
0.0790.03940.1207
0.07790.04510.1256
0.07690.09320.1755
0.07450.10930.1898
0.07320.12320.2031
0.0710.13120.209
0.06910.11010.1849
0.06770.1060.1789
0.06640.09850.1696
0.0650.0980.168
0.0640.10.169
Income
Appreciation
Total
Annual Return
NCREIF Industrial Returns1978-Q207
Sheet3
0.09136520570.11327027170.2124220689
0.08891080180.13714106080.2351230833
0.0861432210.16419710750.260747774
0.08000024790.16264316290.2520230339
0.08200018140.10762509990.1959853992
0.08163831670.17627800950.2682805347
0.08108404390.15027735410.2401453365
0.08394785770.1649186140.2589346754
0.07681730140.17341346850.2599856843
0.07305916690.10064489180.1792063975
0.07321103330.13136612540.2116659923
0.0706208850.12153366030.1984636649
0.07397801480.12192900820.2024544178
0.07515489630.11320981260.1945506016
0.07351918320.07444000730.1519599894
0.07446314590.06224107650.1401026442
0.07419866340.02278072550.0982312497
0.07675333530.00634190170.0834633265
0.07776204730.0124788960.0909698713
0.07758213660.02616668890.1052742665
0.07544083740.04907262640.1273317402
0.07251273930.06476080370.1407748931
0.07174736580.07752693750.153390334
0.07110688340.06865588640.1433785487
0.07166529630.04971928140.1240140846
0.07171939730.03941332340.1132194403
0.07233777820.02409003490.0977274409
0.0735401460.02591451390.1008763178
0.07391440850.01559754050.0903665756
0.07389386670.02039282040.0954068468
0.07281930220.0146845230.088297909
0.07125165840.00307881910.07449263
0.0706294587-0.01294938780.0569975447
0.0704442877-0.02054956210.0488138874
0.0707226809-0.03599914010.0328329388
0.0709495292-0.0296599190.0397310749
0.0705124488-0.02934263380.0396373529
0.0700045074-0.02774899250.0408208924
0.0682678738-0.01406232770.0534876619
0.0672312128-0.01101955280.0556623358
0.0664277146-0.00630120960.0598148649
0.0659713966-0.00941318610.0560959014
0.0658036355-0.00422764890.0613679729
0.0647473846-0.01044762210.0537953116
0.0638500565-0.02134444670.0414805671
0.0628980487-0.02096101770.0409461087
0.0616008431-0.02813356770.0321711533
0.0619769055-0.03595442750.0243559963
0.0628632984-0.0701924211-0.0106141676
0.0635039152-0.0865885704-0.0271998789
0.0648478807-0.1064261429-0.0467758162
0.0653734996-0.1227026151-0.0633950591
0.0656689621-0.1715814093-0.1144539887
0.0674975243-0.168658614-0.1098269531
0.0713241753-0.1771232631-0.115457637
0.073560681-0.1765943667-0.1129981445
0.0766963281-0.1485846915-0.0804734264
0.080371607-0.1468074269-0.0753921592
0.079557042-0.1466240348-0.0759220502
0.082150133-0.1357599208-0.0620909789
0.0846809014-0.1167072587-0.0394690678
0.085304742-0.1135526837-0.0355492
0.0887683403-0.0842996886-0.0011432604
0.0908782205-0.0877931219-0.0029100268
0.0931382876-0.05039409060.039242972
0.0952081883-0.04267151310.0495056672
0.0968882849-0.04018323420.0537941814
0.097339415-0.02244796050.0732696278
0.0962982515-0.02288202680.0717730718
0.0940056692-0.01327696590.0798138945
0.0930419033-0.00481515940.0879016606
0.09163180960.00050601480.0921824293
0.09025708780.0425390860.1356493565
0.0912461810.0453971920.1397227316
0.09125741730.05182564130.1465858849
0.09254718950.06416638330.1611040182
0.09390191270.07932924790.1787140027
0.09362785220.10596606140.2068797535
0.09136068660.12483104630.2245310046
0.08927843490.12612858310.2236116771
0.08681252340.10283798720.1961815003
0.0839845350.07661768480.1653219182
0.0834071650.05554191710.1423602312
0.08201225030.05041299710.1354746344
0.08071352520.03912431140.1221736147
0.08060857020.03802440510.1209001606
0.08150379010.04411556870.1282690272
0.08304825690.04407136220.1298146031
0.08508191530.05270597790.1410859815
0.08717709720.04736367140.1375918147
0.08787315950.03472244160.1248617618
0.0880167330.01556687960.1046089122
0.0880524745-0.02445299680.0619903621
0.0882902354-0.03827215340.0474912854
0.0881937049-0.05293723440.0317669216
0.0883029641-0.05909397890.0253040023
0.087655287-0.05612668270.0278465861
0.086757576-0.05263223880.0307123713
0.0858727472-0.04551379230.0374389699
0.0840410326-0.03962903360.0419270702
0.0832540018-0.02497580840.0567321679
0.0817357586-0.01363572010.0672782627
0.0801435882-0.00301257460.0769546027
0.07920874730.01721401010.0974423029
0.07760.04030.1202
0.07610.05220.1312
0.07370.07980.1578
0.07120.10240.1789
0.06890.11960.1946
0.06650.12950.2023
0.06480.12390.1946
0.06460.11420.1842
0.06320.12270.1916
0.0620.1320.199
0.060.1530.221
Income
Appreciation
Total
Annual Return
NCREIF Office Returns1978-Q207
Sheet4
0.08389388820.02396164140.1093459943
0.08335700620.02020060460.1048070579
0.08575088970.00878104730.095129299
0.0852332190.00715104590.0928763178
0.08882567330.02215599730.1124489977
0.08897738990.0221611560.1126089709
0.08526685470.03409608710.1214799248
0.08504374630.04507179360.1329213201
0.08323301210.04199964680.1278110427
0.08363133120.03275829150.1184187794
0.08453093610.03421030620.1208856357
0.08428999460.02594496430.1118536325
0.08336098930.02530476840.1102380093
0.08282970660.02670753060.1111789397
0.08269932030.01441118410.0980076273
0.0842408255-0.0020390380.0820928622
0.087455483-0.01614729450.070242987
0.0889967285-0.01412165510.0739258454
0.0883087461-0.00036369780.0879237707
0.08730074530.01946120750.1080350838
0.08416407530.05103402420.1383961946
0.08363571110.07685326930.1652167964
0.08236152580.07783285190.1648953224
0.08186833440.07438027480.1607113396
0.08208266340.08187350820.1688752156
0.07946251460.06206636250.1451362765
0.08002474170.07081432090.1549872597
0.07891422640.06431064390.1469275353
0.07588318340.06449524730.1440270386
0.07587031890.06202226650.1414037585
0.07529838530.05269192140.1309662715
0.07431249490.05411465540.1314315938
0.0748276590.04782115690.1253084518
0.07395173550.04850707060.1251160639
0.07197317220.05022285760.1248653593
0.07104604740.05349994380.1273445857
0.07088104040.05015796110.1236612099
0.07006080370.05019496450.1228413109
0.07019774530.05629962520.1294028778
0.06945954390.06085706270.1334214435
0.06897673650.07654018280.1493987306
0.06817219060.08273459440.1550396592
0.06656591730.08254926520.1531332576
0.06495550230.08374402790.1526624467
0.06289477310.05958202550.1252496305
0.0618581930.05240564420.1166595849
0.06145533240.04744598690.11105891
0.06166761310.03441313070.0976498671
0.0619440429-0.00221932320.0596287075
0.0621195995-0.00970800330.0519691444
0.0623722134-0.02837763180.0326779028
0.0621750874-0.03798859230.0224195125
0.0621103078-0.0770792886-0.0185451328
0.0632385906-0.0852536594-0.0260570581
0.0641327592-0.0986666913-0.0392929253
0.0661962887-0.1030388926-0.0420022598
0.067988527-0.0860763588-0.0224792054
0.069154279-0.0793995677-0.0143714103
0.070457498-0.06380509450.0032812296
0.0713412331-0.05049311090.0181532852
0.0725170867-0.02286283230.0484192231
0.0727312582-0.02181411550.04973597
0.0735245332-0.02022269740.0521959981
0.0749111529-0.01629447370.0577040379
0.0763662973-0.01536445910.0601264374
0.0782604778-0.01051158160.0671382844
0.0799122221-0.01019282550.0691195363
0.08085718-0.01867171360.0610620735
0.0814608374-0.03929136260.0397954288
0.0820249542-0.04048781260.0390687087
0.0815697223-0.04142435470.0376349007
0.0815213342-0.03730449130.0419618143
0.0818682689-0.03144733090.0485150632
0.0820050853-0.03584049860.0439857867
0.0834549019-0.03403501340.0473108037
0.0845458227-0.02927200760.0534326695
0.0854993305-0.0001408610.0853399989
0.08702971540.01532544530.1033365716
0.08691288460.03462649610.1237634939
0.08671823010.03925098590.1284849582
0.0865957260.03998303880.1291372262
0.08551932630.03373272610.1213830472
0.08626357920.0202210420.1077758996
0.08577010020.01456027520.1012513105
0.08485433860.00998094340.0954638287
0.08449902350.0081272930.0931354815
0.08374937210.00663420260.0907956204
0.08353035130.00430960