Investment Performance


Detailed Performance Results

When assessing our results, the performance of each mandate is compared to the benchmark index that has been designated by the Investment Committee and approved by the Board.

This quantitative analysis, together with other qualitative criteria, assists in the review of each investment manager. We also measure our overall portfolio performance against a weighted average of the passive benchmark returns based on our target allocations.

The table below shows the gross returns for each asset class, the total portfolio return and the corresponding benchmark return for the one-year and 10-year periods ending December 31, 2017. Note that performance data for individual managers is not disclosed.

ANNUALIZED INVESTMENT PERFORMANCE SUMMARY1
ASSET CLASS 1-YEAR 10-YEAR

Return Benchmark Return Benchmark
Cash & Short-Term 0.85% 0.55% 1.15% 1.01%
Universe Bonds 2.82% 2.52% 5.01% 4.67%
Long Bonds 6.97% 7.03% 6.56% 6.63%
Real Estate Debt 4.12% 0.74% 5.54% 4.75%
High Yield Debt 5.61% 6.93% 7.22% 6.91%
Private Debt 1.08% 5.52% n/a n/a
Canadian Equity 7.80% 9.10% 4.23% 4.65%
US Equity 8.90% 13.17% 11.60% 11.22%
International Equity 19.50% 18.84% 5.56% 4.73%
Global Equity 19.21% 15.83% n/a n/a
Private Equity2 7.05% 16.36% 10.83% 11.76%
Real Estate 10.70% 7.20% 8.45% 8.02%
Infrastructure3 10.96% 7.10% 8.53% 6.72%
Total Fund
9.18% 9.14% 6.95% 6.61%

1 Benchmark returns reflect the benchmarks used during the relevant time period.
2
Prior to 2006, Private Equity returns were incorporated into Canadian Equity returns. 

3 Prior to 2008, Infrastructure returns were incorporated into Private Equity returns.


This table shows the calendar year returns for TRAF's investments over the past five years.

CALENDAR YEAR PERFORMANCE
  2013 2014 2015 2016 2017
Rate of Return 14.02% 10.75% 8.31% 7.29% 9.18%
Benchmark Return 12.94% 10.22% 6.05% 7.54% 9.14%
Value Added 1.08% 0.53% 2.26% -0.25% 0.04%