TRS 2011 Comprehensive Annual Financial Report

TEACHER RETIREMENT SYSTEM OF TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT 2011
Investment Summary
PENSION TRUST FUND - AUGUST 31
PERCENTAGE OF MARKET VALUES
2006 2007 2008 2009 2010 2011
Public Equity 66.0% 63.1% 55.6% 55.2% 51.8% 50.7%
Private Equity 2.3% 3.4% 5.8% 6.7% 8.9% 10.4%
TOTAL GLOBAL EQUITY 68.3% 66.5% 61.4% 61.9% 60.7% 61.1%
Fixed Income 1 27.7% 28.7% 15.5% 15.1% 15.6% 14.1%
Short-Term 2.0% 1.2% 1.1% 0.9% 0.7% 1.3%
Hedge Funds 1.7% 2.5% 3.8% 4.1% 4.1% 4.0%
TOTAL STABLE VALUE 31.4% 32.4% 20.4% 20.1% 20.4% 19.4%
Inflation Linked Bonds n/a n/a 9.9% 9.7% 8.6% 5.3%
Real Assets 0.3% 1.1% 3.5% 4.2% 6.0% 9.7%
Commodities n/a n/a 3.1% 1.9% 2.2% 3.1%
REITS 2 n/a n/a 1.7% 2.2% 2.1% 1.4%
TOTAL REAL RETURN 0.3% 1.1% 18.2% 18.0% 18.9% 19.5%
TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
1
Does not include Inflation Linked Bonds in Real Return Portfolio.
2
Dedicated portfolio in addition to Global Equity holdings.
INVESTMENT SECTION
87