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2012 Annual Report

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2012 Annual Report 2012 AnnuAl RepoRt IllInoIs state Board of Investment Table of Contents INTRODUCTION 2 Board Members 3 Letter to Trustees 8 Financial Highlights 9 Ten Year Summary FINANCIAL STATEMENTS 10 Independent Auditors’ Report 11 Financial Statements 12 Management’s Discussion and Analysis 14 Statements of Net Assets 15 Statements of Changes in Net Assets 16 Notes to Financial Statements SUPPLEMENTAL FINANCIAL INFORMATION 32 Portfolio of Investments 118 Portfolio Data 120 Investment Transactions with Brokers and Dealers 122 Restricted Investments 124 Staff and Investment Managers Printed on contract by authority of the State of Illinois, December 13, 2012 (100 copies at $17.80 each) ILLINOIS STATE BOARD OF INVESTMENT 1 Board Members Devon Bruce Roderick Bashir Justice Thomas E. Hoffman CHAIRMAN EXECUTIVE COMMITTEE Devon Bruce Devon Bruce Appointed Member Chairman VICE CHAIRMAN Roderick Bashir Roderick Bashir Vice Chairman Appointed Member Thomas E. Hoffman RECORDING SECRETARY Recording Secretary Justice Thomas E. Hoffman Michele Bush John Casey Michele Bush Chairman, Board of Trustees Judges’ Retirement System of Illinois Member at Large Steven Powell AUDIT & COMPLIANCE COMMITTEE Appointed Member Michele Bush, Chairman James Clayborne, Jr. Michele Bush Thomas E. Hoffman Appointed Member Steven Powell Judy Baar Topinka John Casey Appointed Member INVESTMENT POLICY COMMITTEE Devon Bruce Senator James Clayborne, Jr. Roderick Bashir Chairman, Board of Trustees James Clayborne, Jr. Steven Powell Michele Bush General Assembly Retirement System John Casey Dan Rutherford Thomas E. Hoffman Treasurer, State of Illinois EMERGING MANAGER COMMITTEE Judy Baar Topinka James Clayborne, Jr., Chairman Chairman, Board of Trustees Roderick Bashir State Employees’ Retirement System John Casey Dan Rutherford Judy Baar Topinka Dan Rutherford Judy Baar Topinka 2 ILLINOIS STATE BOARD OF INVESTMENT Letter to Trustees The General Assembly Retirement System The Judges’ Retirement System of Illinois The State Employees’ Retirement System of Illinois On June 30, 2012 the value of the net assets under the fiduciary responsibility of the Illinois State Board of Investment (ISBI or Board) was $11.3 billion. Those assets are managed and invested by ISBI on behalf of the General Assembly Retirement System , the Judges’ Retirement System of Illinois, and the State Employees’ Retirement System of Illinois. Over the previous year ISBI’s portfolio experienced the same challenges as other global investors seeking to work their way through a difficult financial environment. Although the change in portfolio value at the end of FY2012 was only modestly different from its value at the close of business for FY2011, the intervening twelve months were marked by extreme volatility and similarly extreme global economic events, including the marking down of U.S. sovereign debt by global rating agencies. Portfolio Issues Following FY 2011, in which ISBI’s portfolio performance exceeded its policy benchmark, the portfolio lagged its benchmark in FY2012. Portfolio performance for FY2012 was a positive 0.5% gross of fees ( 0.1% net of fees) as compared to its targeted benchmark return of 0.9%. FY 2012 represented an unfortunate, if predictable, reversal for investors following the more favorable FY 2011. Following a year of double digit returns, FY 2012 was more challenging. Although investment returns were generally flat for the year, FY2012 consisted of four very different quarters, with extreme return variances and a stressful, unrewarding year for investors. The question going forward will consist in determining the new normal. For a number of years the investment environment has been characterized by low yields and muted total returns. It is unclear as to when investors will be able to look forward to more normalized and conventional trends in growth and inflation. Figure 1 Net Asset Allocation June 30, 2012 Fair Actual Policy Value Asset Mix Target $ % % U.S. equity 3,253,103,566 29 30 U.S. equity hedge funds 1,026,725,785 9 10 International equity 2,013,366,729 18 20 Commingled funds4 225,608,712 2 - Fixed income1 2,000,737,559 18 17 Bank loans 328,593,596 3 3 Real estate 967,346,450 9 10 Private equity2 679,423,383 6 5 Real Assets2 507,019,665 4 5 Cash3 282,011,240 2 - Total 11,283,936,685 100 100 1 Maturities of one year or longer, including convertible bonds. 2 Interests in limited partnerships and other entities, which have limited liquidity. 3 Includes money market instruments and other assets, less liabilities. 4 Holdings include fixed income and equity investments. ILLINOIS STATE BOARD OF INVESTMENT 3 Investment Results In FY 2012 investors benefitted from positive returns in U.S. equity, fixed income, real estate and private equity as measured by market indices. The ISBI total fund was up 0.1% for FY2012, net of expenses. This follows positive returns of 21.7% and 9.1% for FY2011 and FY2010, respectively, with negative returns of 20.1% and 6.2% for FY2009 and FY2008, respectively. The Board continues to be concerned with the under-performance of specific managers; however, most of ISBI’s current managers have exceeded their individual benchmarks since inception. Figure 2 shows results over the three, five and ten year time periods. U.S. Equities In FY2012, the Russell 3000 Index, a broad representation of the U.S. market, was up 3.8%. Growth stocks exceeded value stocks with the Russell 3000 Growth Index up 5.1%, compared to the Russell 3000 Value Index up 2.6%. Large capitalization stocks outperformed small capitalization stocks with the S&P 500 up 5.5%, compared to a -2.1% return for the Russell 2000. ISBI’s U.S. equity portfolio was up 1.3% for fiscal year 2012, 2.5% below the Russell 3000. The portfolio’s exposure to small and middle capitalization stocks detracted from overall performance. Figure 2 shows ISBI’s U.S. stock portfolio performance for the three, five and ten year time periods. Through structure analysis, rebalancing and risk management, the domestic equity portfolio continues to track the market with predictable consistency to achieve its objective. U. S. Equity Hedge Funds The ISBI U.S. Equity Hedge Fund portfolio had a return of -4.3% for FY2012, compared to the -10.7% return for the HFRX Equity Hedge Index. Figure 2 shows the long-term results for U.S. Equity Hedge Funds. Besides monitoring hedged equity performance, the Board looked critically at how the hedged equity portfolio is structured and the level of fees paid. The consequence was a higher level of confidence in the existing portfolio structure, and an ag- gressive re-negotiation of, and reduction in, fees. Although this process continued through the end of the fiscal year and concluded early in FY2013, the consequence will con- stitute total savings exceeding $5 million annually going forward. International Equities The Morgan Stanley ACWI ex U.S. Index is a broad index of global equities, including emerging markets but excluding the United States. In FY2012 that index returned -14.4%, or 18.2% below the U.S. index. ISBI’s International Equity portfolio was down 10.7%, 3.7% above the ACWI ex U.S. Index. Figure 2 shows the long-term results for International Equities. Fixed income 18% International equity 18% Commingled funds 2% Bank loans 3% Real estate 9% U.S. equity 29% Private equity 6% Real Assets 4% Cash 2% U.S. equity hedge funds 9% 4 ILLINOIS STATE BOARD OF INVESTMENT Figure 2. Investment Returns, June 30, 2012 (Annualized) 2012 2011 2010 2009 2008 3 Yrs. 5 Yrs. 10 Yrs. % % % % % % % % Total Fund 0.1 21.7 9.1 (20.1) (6.2) 10.0 (0.1) 5.2 Composite Benchmark* 0.9 19.6 10.2 (17.0) (4.6) 10.0 1.1 6.2 Consumer Price Index 1.7 3.6 1.1 (1.4) 5.0 2.1 2.0 2.5 U.S. Equities** 1.3 33.9 17.3 (25.1) (12.7) 16.8 0.8 6.2 Russell 3000 Index 3.8 32.4 15.7 (26.6) (12.5) 16.7 0.4 5.8 Hedge Funds ** (4.3) 12.7 4.4 (11.6) (2.6) 4.1 (0.6) N/A HFRX Equity Hedge (10.7) 3.4 3.1 (20.0) (4.9) (1.6) (6.3) 0.4 International Equities (10.7) 32.7 13.1 (29.1) (10.3) 10.3 (3.1) 6.9 MSCI-ACWI Index (14.4) 30.9 6.4 (31.0) (10.2) 7.8 (4.0) 7.6 Fixed Income 6.8 5.7 5.5 (2.4) 5.3 6.0 4.2 4.5 Barclays Capital Universal Index 7.4 4.8 10.6 4.9 6.2 7.6 6.8 6.0 Real Estate 5.3 17.0 (8.2) (31.7) 2.6 4.2 (4.6) 3.4 NCREIF Real Estate Index 11.3 16.7 (1.5) (19.6) 9.2 7.4 (1.8) 5.6 Private Equity 7.6 24.0 14.0 (18.8) (4.9) 15.0 3.3 10.0 Note: Calculations are based on a time series of linked monthly returns (IRR), producing a time weighted effect. * Composite Benchmark: Effective 07/11: 30% Russell 3000; 20% MSCI-ACWI ex US; 25% Barclays Capital Universal; 10% NCREIF ODCE; 5% Venture Economics Pooled Average Periodic IRR which is based on preliminary data subject to revisionon a quarterly basis; 10% HFRX Equity Hedged Index. Effective 07/07: 30% Russell 3000; 20% MSCI-EAFE; 25% Lehman Universal; 10% NCREIF; 5% Venture Economics Pooled Average Periodic IRR which is based on preliminary data subject to revision on a quarterly basis; 10% HFRX Equity Hedged Index. Effective 03/06: 8% Russell Midcap Growth, Russell 2000 Value; 5% Russell 1000 Growth; 15% Russell 1000 Value; 10% S&P 500; 3% S&P Dev.
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