SAPOA Benchmark categories
Bloomberg commodity total return index – 3.50%
The Bloomberg Commodity Total Return Index is comprised of futures contracts and reflects the returns on a fully collateralized investment. This combines the returns of the BCOM with the returns on cash collateral invested in 13 week US treasury bills.
Bloomberg Credit 1-5 Year – 28%
The index measures the performance of the investment grade, US dollar denominated, fixed-rate, taxable corporate and government related bonds with maturity of 1-5 years. It is comprised of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
Bloomberg US Aggregate Bond – 8%
The index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. It rolls up into other Bloomberg flagship indices, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt.
FTSE Nareit All REITs – 10%
The FTSE Nareit All REITs index contains all publicly traded US REITs. The FTSE Nareit All REITs Index is not free float adjusted, and constituents are not required to meet minimum size, liquidity or minimum voting right criteria.The index is calculated based on price and total return methodologies, both real time and end-of-day.
MSCI EAFE Index – 4.50%
The index measures the performance of the large and mid cap segments of developed markets, excluding the US & Canada equity securities. It is free float-adjusted market-capitalization weighted.
LBMA Gold Price PM – 4%
The LBMA Gold Price PM Index measures the performance of setting price of gold, determined twice each business day on the London bullion market by the five members of The London Gold Market Fixing Ltd. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world’s markets.
Morningstar Broad Hedge Fund Index – 0%
The index is a rules-based, asset-weighted index designed to capture the performance and behavior of the most investable hedge funds. The index seeks to leverage Morningstar¡¯s high-quality hedge fund database of approximately 5,000 single-strategy hedge funds. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.
FTSE Emerging Market Index – 3.50%
The index measures the performance of Large, Mid and Small cap securities listed in Advanced Emerging and Secondary Emerging countries.
Russell 1000 Growth Index – 7.25%
The Russell 1000® Growth Index measures the performance of the largecap growth segment of the US equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.
Russell 1000 Value Index – 7.25%
The Russell 1000® Value Index measures the performance of the largecap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics
Russell 2000 Index – 10%
The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
Russell Midcap Index – 10%
The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 27% of the total market capitalization of the Russell 1000® companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set.
Morningstar US Cash T-bill – 0.50%
The index consists of a single US T-Bill. At each monthly rebalancing, the index replaces the existing constituent with a US T-Bill maturity between six and eight weeks from the purchase date. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.
Morningstar Global Markets ex-US Small-Mid Cap NR USD – 3.50%
This index measures the performance mid- and small-cap stocks listed in developed and emerging markets outside the U.S. It targets stocks smaller than those that comprise the largest 70% of the available market and larger than the smallest 3%. This index does not incorporate Environmental, Social, or Governance (ESG) criteria.
Morningstar US Cash T-bill – 0.50%
The index consists of a single US T-Bill. At each monthly rebalancing, the index replaces the existing constituent with a US T-Bill maturity between six and eight weeks from the purchase date. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.
Global Stock Index benchmark
FTSE Emerging Market Index – 8.00%
The index measures the performance of Large, Mid and Small cap securities listed in Advanced Emerging and Secondary Emerging countries.
MSCI EAFE Index – 20.00%
The index measures the performance of the large and mid cap segments of developed markets, excluding the US & Canada equity securities. It is free float-adjusted market-capitalization weighted.
Russell 1000 Growth Index – 18.00%
The Russell 1000® Growth Index measures the performance of the largecap growth segment of the US equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.
Russell 1000 Value Index – 18.00%
The Russell 1000® Value Index measures the performance of the largecap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.
Russell 2000 Index – 18%
The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
Russell Midcap Index – 18%
The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 27% of the total market capitalization of the Russell 1000® companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set.
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