Results
Year-End 2025 Performance Review
Calendar Year Returns (%)
| Assets Under Management: $22.38 Billion | Calendar Years | |||
| 2025 | 2024 | 2023 | 2022 | |
| Fund Return | 7.53 | 14.84 | 9.18 | (4.48) |
| Benchmark | 9.38 | 15.12 | 10.31 | (5.94) |
| Added Value | (1.86) | (0.29) | (1.13) | 1.46 |
Public equity markets have driven portfolio performance over recent calendar year periods. The equity rally in 2025 led to a fund-level return of 7.53%.
The calendar year 2025 return lagged its underlying benchmark by 1.86%. The primary detractors were Private Market asset classes.
Annualized Returns (%) – as of December 31, 2025
| Annualized Years | ||||
| 1 Year | 2 Year | 4 Year | 10 Year | |
| Fund Return | 7.53 | 11.12 | 6.53 | 7.49 |
| Benchmark | 9.38 | 12.22 | 6.91 | 7.66 |
| Added Value | (1.86) | (1.10) | (0.38) | (0.17) |
Equity markets have been generally strong following the global financial crisis. As a result, long-term portfolio performance, 7.49% over the recent 10-year period, has been very healthy.
The Plan remains fully funded while maintaining a stable level of contribution rates.