Asset Allocation

The PERA Board determines the strategic asset allocation policy for the fund. The PERA Board’s policy specifies the desired target allocation for each asset class as well as the ranges within which each asset class may operate. The PERA Board commissioned an asset/liability study during 2019, which resulted in the approval of the following 2021 Policy Benchmark weights and long-term asset allocation and ranges, effective January 1, 2021:

Asset Class	2021 Policy Benchmark Weight	Long-Term Target Allocation	Permissible Range
Global Equity	55.5%	54%	49.5% to 61.5%
Fixed Income	23.5%	23%	18.5% to 28.5%
Private Equity	8.5%	8.5%	4% to 13%
Real Estate	8.5%	8.5%	4% to 13%
Alternatives	4.0%	6%	0% to 12%
Cash	0%	0%	0% to 3%
Total Fund	100%	100%

Quarterly Performance

Preliminary and unaudited, as of September 30, 2021

Market Value

Portfolio	Market Value (in Millions)	% of Total Fund	3-Month	Year-to-Date
Global Equity	$36,749	58.0%	-0.5%	11.6%
Fixed Income	$12,168	19.2%	0.1%	-1.5%
Private Equity*	$5,946	9.4%	7.3%	33.7%
Real Estate**	$5,189	8.2%	5.9%	11.7%
Alternatives***	$2,964	4.7%	0.1%	6.2%
Cash	$312	0.5%	0.0%	0.0%
Total Fund	$63,328	100%	0.9%	10.4%

* Private Equity performance is through September 30, 2021, and is based on reporting lags of 3-9 months.
** Real Estate performance is through September 30, 2021.
*** Alternatives components may have reporting lags of up to 6 months.

Total Return

(3-, 5-, and 10-year returns are annualized. Total returns are net of fees)

Portfolio	1-Year	3-Year	5-Year	10-Year
Global Equity	28.7%	14.9%	15.4%	13.6%
Fixed Income	-0.7%	5.7%	3.4%	3.6%
Private Equity*	46.5%	21.2%	18.9%	14.6%
Real Estate**	16.9%	9.6%	10.0%	11.5%
Alternatives***	12.5%	7.3%	7.2%	4.9%
Cash	0.0%	1.2%	1.2%	0.7%
Total Fund	21.8%	12.9%	12.3%	10.9%

Investments