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New Jersey Division of Investment Agenda Item 3a NEW JERSEY DIVISION OF INVESTMENT Director’s Report July 27, 2017 State Investment Council Meeting “The mission of the New Jersey Division of Investment is to achieve the best possible return at an acceptable level of risk using the highest fiduciary standards.” 2 Total Fund(1) Performance as of May 31, 2017 14.00 12.83 12.62 12.18 11.97 12.00 10.00 9.04 8.93 8.10 8.00 6.80 6.96 6.49 5.69 6.00 5.53 5.38 4.61 * * 4.00 2.00 1.32 1.17 0.77 0.15 0.31 0.16 0.11 (0.21) (0.21) - 1 Month CYTD FYTD 1 Year 3 Year 5 Year 10 Year 20 Year 25 Year (2.00) Total Fund Benchmark* Difference *Benchmark return not available for 20 and 25-Year period (1) Excluding Police and Fire Mortgage Program Asset Class Returns through May 31, 2017 3 Risk Mitigation Liquidity 5.00 4.11 1.50 1.22 3.18 3.49 0.86 4.00 3.26 3.19 1.00 0.71 3.04 2.58 0.47 0.56 3.00 2.20 0.50 0.26 0.08 0.15 2.00 1.45 1.23 0.00 1.00 YTD FYTD 1 Year 3 Year 5 Year (0.50) 0.00 (0.37) YTD FYTD 1 Year 3 Year 5 Year (1.00) (0.81) Portfolio Benchmark Portfolio Benchmark Income Real Return 11.34 12.00 12.00 9.74 9.27 10.40 10.00 8.60 10.00 8.14 7.67 7.27 7.35 8.00 6.86 8.00 6.67 4.26 5.78 6.00 4.87 4.69 6.00 4.62 4.78 4.01 3.79 4.00 4.00 3.65 2.00 2.00 0.00 0.00 YTD FYTD 1 Year 3 Year 5 Year YTD FYTD 1 Year 3 Year 5 Year Portfolio Benchmark Portfolio Benchmark Global Growth 20.00 17.14 16.78 17.12 17.05 15.00 12.35 12.15 9.28 9.22 10.00 7.01 6.81 5.00 0.00 YTD FYTD 1 Year 3 Year 5 Year Portfolio Benchmark 4 ASSET ALLOCATION (1) PERFORMANCE (for periods ending May 31, 2017)(2) As of May 31, 2017 Calendar YTD FYTD Trailing Twelve Months Trailing Three Years Asset Class Mkt Value Actual (%) Target (%) Difference NJ Bench NJ Bench NJ Bench NJ Bench Long Term CMA RISK MITIGATION Absolute Return HFs 2,889 3.91% 5.00% -1.09% 1.23% 1.45% 3.04% 3.18% 4.11% 3.49% 2.20% 3.26% 5.39% Risk Mitigation Hedging 196 0.27% 0.00% 0.27% TOTAL RISK MITIGATION 3,085 4.18% 5.00% -0.82% 1.23% 1.45% 3.04% 3.18% 4.11% 3.49% 2.20% 3.26% LIQUIDITY Cash Eqv 3,714 5.03% 5.50% -0.47% 0.44% 0.22% 1.00% 0.40% 1.10% 0.44% 1.05% 0.21% 1.00% Short Term 476 0.65% 0.00% 0.65% 0.52% 0.22% 1.02% 0.40% 1.17% 0.44% 0.63% 0.21% TIPS 361 0.49% 0.00% 0.49% 2.38% 1.94% -0.24% 0.31% 1.56% 2.50% 0.42% 1.15% US Treasuries 1,323 1.79% 3.00% -1.21% 2.73% 2.04% -3.62% -2.16% -1.70% 0.00% 1.23% 2.01% 1.73% TOTAL LIQUIDITY 5,874 7.96% 8.50% -0.54% 1.22% 0.86% -0.81% -0.37% 0.08% 0.47% 0.56% 0.71% INCOME Investment Grade Credit 7,147 9.68% 10.00% -0.32% 2.89% 2.87% 0.87% 0.80% 2.84% 3.09% 3.24% 3.06% 3.54% Public High Yield 1,538 2.08% 2.50% -0.42% 5.05% 4.79% 12.38% 12.55% 13.12% 13.58% 4.99% 4.73% 6.49% Global Diversified Credit 3,521 4.77% 5.00% -0.23% 6.20% 4.79% 14.27% 12.55% 16.24% 13.58% 8.52% 4.73% 6.80% Credit-Oriented HFs 1,871 2.54% 1.00% 1.54% 4.51% 5.39% 10.61% 13.53% 13.13% 15.17% 4.32% 2.45% 6.38% Debt-Related PE 724 0.98% 2.00% -1.02% 4.38% 6.02% 8.78% 19.88% 10.32% 25.53% 7.64% 7.91% 9.29% Debt Related Real Estate 447 0.61% 1.00% -0.39% 4.86% 1.47% 2.06% 6.06% -0.47% 14.35% 5.08% 6.45% 6.00% TOTAL INCOME 15,249 20.66% 21.50% -0.84% 4.26% 4.01% 6.86% 7.67% 8.60% 9.75% 4.87% 3.79% REAL RETURN Commodities 187 0.25% 0.00% 0.25% 0.24% -5.07% -3.25% -6.32% 0.98% -2.45% 4.28% Private Real Assets 1,883 2.55% 2.50% 0.05% 3.04% 8.06% 10.03% 20.26% 19.09% 17.65% 9.56% Equity Related Real Estate 3,997 5.42% 6.25% -0.83% 5.48% 1.88% 5.94% 5.72% 9.10% 7.79% 12.12% 11.04% 8.09% TOTAL REAL RETURN 6,067 8.22% 8.75% -0.53% 4.62% 3.65% 6.67% 9.27% 11.34% 10.40% 7.27% 4.78% GLOBAL GROWTH US Equity 21,376 28.97% 30.00% -1.03% 8.07% 8.04% 18.56% 17.19% 17.93% 17.52% 8.82% 10.07% 6.80% Non-US Dev Market Eq 8,936 12.11% 11.50% 0.61% 13.50% 12.82% 18.88% 19.40% 15.43% 15.73% 1.55% 1.28% 7.28% Emerging Market Eq 4,825 6.54% 6.50% 0.04% 17.03% 17.60% 21.76% 22.68% 26.69% 27.66% 0.96% 1.93% 8.60% Buyouts/Venture Cap 6,869 9.31% 8.25% 1.06% 3.83% 2.59% 7.97% 9.39% 9.96% 9.46% 13.48% 8.72% 10.08% Equity-Oriented HFs 1,101 1.49% 0.00% 1.49% 7.44% 5.81% 16.40% 12.56% 14.96% 12.66% 3.41% 5.45% 7.79% TOTAL GLOBAL GROWTH 43,107 58.41% 56.25% 2.16% 9.28% 9.22% 17.14% 17.12% 16.78% 17.05% 6.81% 7.01% OTHER OPPORTUNISTIC PE 314 0.43% 11.08% 14.35% 15.39% 9.77% OTHER 99 0.13% TOTAL FUND(3) 73,795 100.00% 6.80% 6.49% 11.97% 12.18% 12.62% 12.83% 5.69% 5.53% S&P 500 8.66% 17.16% 17.46% 10.13% Russell 2000 1.48% 20.41% 20.34% 7.99% MSCI EAFE 14.01% 20.48% 16.44% 1.53% MSCI EMF 17.25% 22.51% 27.41% 1.62% Barclays Agg 2.38% -0.21% 1.58% 2.53% Barclays HY 4.79% 12.54% 13.58% 4.73% Bloomberg Commodities -5.35% -6.77% -2.94% -14.78% Bloomberg REIT 3.20% -0.72% 5.89% 8.80% HFRI Fund Weighted Composite 3.26% 7.58% 8.02% 2.87% 1 Current assets do no include receivables of $251 million related to Real Estate secondary sale 2 Unaudited returns 3 Total Fund Performance excludes Police & Fire Mortgage Program 5 Pension Fund Attribution vs. Benchmark Fiscal Year through May 31st, 2017 Contribution 3.04 Risk to Pension Fund Risk Mitigation Mitigation, -1 Excess Return By 3.18 Asset Class Liquidity , -1 (0.80) Liquidity (0.37) Income, -13 6.86 Income 7.67 Real Return, - 21 6.67 Real Return Global 9.27 Growth, 18 17.14 Other, 3 Global Growth 17.12 Allocation Effect, -6 11.97 Total Fund ex P&F The Pension Fund 12.18 underperformed the Policy Benchmark return Basis Points (5.00) 0.00 5.00 10.00 15.00 20.00 by -21 bps -40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Portfolio Benchmark Allocation Effect indicates the effect of asset allocation bets, i.e. overweights or underweights vs. the target allocations 6 Pension Fund Update: Change in Sector Allocation from April 30, 2017 – June 30, 2017 Allocation to cash The allocation to Non-U.S. increased following $1.86 Developed Market (DM) Equities billion state pension increased by 0.45% as a result appropriation. of strong returns and net purchases of $281 million. The DM portfolio returned +3.6% Allocation to US over the two month period. Govt increased 1.40% following net purchases of Notwithstanding favorable returns (up 1.14% 1.20% $479 million +1.9%), the allocation to U.S. Equities 1.00% declined as a result of net sales of 0.80% $300 million in conjunction with higher 0.59% valuations. 0.60% 0.55% 0.45% 0.40% 0.20% 0.15% 0.05% 0.00% -0.01% -0.04% -0.07% -0.05% -0.04% -0.05% -0.20% -0.14% -0.14% -0.14% -0.12% -0.10% -0.19% -0.40% -0.34% -0.40% -0.60% -0.65% -0.80% US Govt INCOME US Equity LIQUIDITY REAL RETURN Debt-Related PE Cash Equivalents RISK MITIGATION Private Real Assets GLOBAL GROWTH Credit-Oriented HFs Equity-Oriented HFs Emerging Market Eq AbsoluteReturn HFs Buyouts/Venture Cap Non-US Dev Market Eq Global Diversified Credit High Yield Fixed Income Investment Grade Credit DebtRelated Real Estate Equity Related Real Estate Risk Mitigation Liquidity Income Real Return Global Growth Allocation to Allocation to Liquidity moved Modestly lower allocation to IG, Maintained underweight allocation Global Growth (57.3% vs 56.25%), Absolute Return higher and above Policy HY and Credit-Oriented HF to Real Return (8.1% vs 8.75%) moved closer in line with targeted HF remains Benchmark (9.3% vs 8.5%).
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