Quarterly Report as of June 30, 2026

This accessible web report presents net-of-fee investment returns, Plan market value, asset-class allocation and exposure, and fiscal year-to-date changes in Plan value. Dollar amounts are stated in millions unless otherwise noted.

Net-of-Fee Returns by Time Period1,2,3

Net-of-fee returns comparison Grouped bar chart comparing Total Plan and Policy Benchmark returns across seven periods. The 7.00% Current Actuarial Assumed Rate reference line begins at fiscal year-to-date because this is a June 30 report and continues through the 20-year period. Exact values are provided in the table following the chart. 0% 5% 10% 15% 20% 8.02% 6.83% Quarter 14.53% 13.98% FYTD 14.53% 13.98% 1 Year 12.11% 11.19% 3 Years 8.31% 6.60% 5 Years 9.16% 8.23% 10 Years 6.80% 6.09% 20 Years Total Plan Policy Benchmark 7.00% Current Actuarial Assumed Rate Percentage return
Total Plan and Policy Benchmark returns with the Current Actuarial Assumed Rate shown where applicable.
Net-of-fee returns through June 30, 2026
Investment Quarter FYTD 1 Year 3 Years 5 Years 10 Years 20 Years
Total Plan8.02%14.53%14.53%12.11%8.31%9.16%6.80%
Policy Benchmark6.83%13.98%13.98%11.19%6.60%8.23%6.09%
Current Actuarial Assumed RateNot applicable7.00%7.00%7.00%7.00%7.00%7.00%
Public Equity 14.98% 24.70% 24.70% 19.87% 10.99% 12.71% Not applicable
Bonds 0.53% 3.03% 3.03% 3.54% 0.15% 1.77% Not applicable
Private Equity 6.07% 10.07% 10.07% 9.07% 10.79% 12.44% Not applicable
Private Debt 0.64% 6.06% 6.06% 9.03% 8.86% 7.64% Not applicable
Real Assets 1.68% 3.13% 3.13% 0.93% 4.95% 6.18% Not applicable
Portable Alpha Hedge Funds6 3.21% 10.96% 10.96% 6.04% 6.02% 5.72% Not applicable

Net Benefits by Time Period

Metric Quarter FYTD 1 Year 3 Years 5 Years 10 Years 20 Years
Net Benefit Payments ($ millions)7 $129 $343 $343 $712 negative $69 negative $4,531 negative $14,273

Exposures by Asset Class3,5

Asset-class exposure, policy target, and compliance
Asset ClassExposure ($ millions)WeightPolicy TargetDifferenceAllowed RangeCompliance
Total Plan 58,011 100.0% 100.0% 0.0% Not applicable Yes
Public Equity 25,015 43.1% 43.0% 0.1% 30% - 55% Yes
Bonds 14,769 25.5% 25.0% 0.5% 10% - 35% Yes
Private Equity 7,712 13.3% 12.0% 1.3% 5% - 20% Yes
Private Debt 4,484 7.7% 8.0% negative 0.3 percent 5% - 13% Yes
Real Assets 6,032 10.4% 12.0% negative 1.6 percent 6% - 18% Yes
Portable Alpha Hedge Funds6 6,700 11.5% Not applicable Not applicable 0% - 15% Yes

FYTD Contributions to Plan Value4

Fiscal year-to-date contributions to Plan value Waterfall chart showing beginning value, net benefit payments, investment performance, and ending value in millions of dollars. Investment performance is positive and increases Plan value. Exact values are available in the expandable data table following the chart. 48,000 50,000 52,000 54,000 56,000 58,000 60,000 $50,339 $343 $7,329 $58,011 Beginning Value Net Benefit Payments Investment Performance Ending Value Market value ($ millions)
Fiscal year-to-date change in Plan value. Values are in millions of dollars.
View data used in this chart
Fiscal year-to-date contributions to Plan value ($ millions)
CategoryAmount ($ millions)
Beginning Value$50,339
Net Benefit Payments$343
Investment Performance$7,329
Ending Value$58,011

Notes

Pursuant to S.C. Code Ann. §9-16-90 (A)

  1. Top-level Plan returns are from Bank of New York Mellon (BNY) and are time-weighted, total return calculations, net of fees and expenses. All returns are expressed in U.S. dollars. Periods greater than one year are annualized. Fiscal Year ends June 30th. Policy benchmark is the blend of the asset class policy benchmarks using policy weights. Asset class benchmarks and policy weights are reviewed annually by the Commission’s consultant, adopted by the Commission, and have changed over time. The policy benchmark return history represents a blend of these past policies.
  2. Effective 7/1/2021 the actuarial assumed rate of return is 7.00% and is composed of an assumed 2.25% inflation rate and an assumed 4.75% real rate of return, net of investment and administrative expenses. Actuarial assumed rate has changed over time.
  3. Asset Class allocations and returns are calculated using values provided by BNY and adjusted for overlay exposures provided by Russell Investments. Asset Class exposures may not add up to 100% due to rounding. Due to portfolio restructuring, asset class performance history may not be available.
  4. Values are in millions. Ending Value may differ slightly from Beginning Value plus Net Benefit Payments and Investment Performance due to rounding.
  5. The Bonds asset class includes the net Short Duration and Cash market value which consists of the aggregate cash held at the custodian, Russell Investments, and the strategic partnerships.
  6. Portable Alpha Hedge Funds are expressed as gross exposure but, as collateral supporting the Overlay program, net to zero when calculating total Plan market value. Performance is expressed net of SOFR as an estimate for Overlay financing costs. There is no allocation to Portable Alpha Hedge Funds in the policy allocation.
  7. Net Benefit Payments are the net of Plan contributions, disbursements, and legislative inflows for the period.

Important: This report was compiled by staff of the Retirement System Investment Commission and has not been reviewed, approved or verified by the external investment managers. No information contained herein should be used to calculate returns or compare multiple funds, including private equity funds.

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