Rankings of Assorted Indices and Strategies...Real Estate 11.46% Emerging Markets 11.19% Hedge Funds...
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Rankings of Assorted Indices and Strategies The Periodic Table Collection Year-End 2016 © 2017 Callan Associates Inc.
Transcript of Rankings of Assorted Indices and Strategies...Real Estate 11.46% Emerging Markets 11.19% Hedge Funds...
Rankings of Assorted Indices and Strategies
The Periodic Table Collection
Year-End 2016
© 2017 Callan Associates Inc.
Knowledge. Experience. Integrity. 1 The Periodic Table Collection
Table of Contents
Callan Periodic Tables
The Periodic Tables of Investment Returns depict annual returns for various asset classes, ranked from best to worst. Each asset class is color-coded for easy
tracking. Well-known, industry-standard market indices are used as proxies for each asset class. The Periodic Table of Investment Returns—a play on the Periodic
Table of the Elements—was authored by Jay Kloepfer, Director of Callan’s Capital Markets and Alternatives Research, in 1999. Mr. Kloepfer's vision of illustrating
the importance of diversification resulted in a table of returns, similar to the Mendeleev creation. Callan’s first Periodic Table of Investment Returns was distributed
in 1999, for returns 1979 – 1998.
Key Indices 2
Key Indices Ranked Relative to Zero 3
Key Indices Ranked Relative to Inflation 4
Real Asset Indices Ranked Relative to Inflation 5
Callan Fund Sponsor Database 6
U.S. Equity 7
Global Equity 8
Key Indices Including Alternatives 9
Key Indices Including Real Estate 10
Fixed Income Indices 11
Non-U.S. Fixed Income Indices 12
Hedge Fund Index Sub Strategies 13
Index Descriptions 14
Knowledge. Experience. Integrity. 2 The Periodic Table Collection
The Callan Periodic Table of Investment Returns
Annual Returns for Key Indices Ranked in Order of Performance (1997–2016)
S&P 500
33.36%
S&P 500
28.58%
S&P 500
21.04%
S&P 500
-9.11%
S&P 500
-11.89%
S&P 500
-22.10%
S&P 500
28.68%
S&P 500
10.88%
S&P 500
4.91%
S&P 500
15.79%
S&P 500
5.49%
S&P 500
-37.00%
S&P 500
26.47%
S&P 500
15.06%
S&P 500
2.11%
S&P 500
16.00%
S&P 500
32.39%
S&P 500
13.69%
S&P 500
1.38%
S&P 500
11.96%
2000
Russell
22.36%
2000
Russell
-2.55%
2000
Russell
21.26%
2000
Russell
-3.02%
2000
Russell
2.49%
2000
Russell
-20.48%
2000
Russell
47.25%
2000
Russell
18.33%
2000
Russell
4.55%
2000
Russell
18.37%
2000
Russell
-1.57%
2000
Russell
-33.79%
2000
Russell
27.17%
2000
Russell
26.85%
2000
Russell
-4.18%
2000
Russell
16.35%
2000
Russell
38.82%
2000
Russell
4.89%
2000
Russell
-4.41%
2000
Russell
21.31%
ex USA
MSCI ACWI
-19.73%
ex USA
MSCI ACWI
-14.95%
ex USA
MSCI ACWI
40.83%
ex USA
MSCI ACWI
20.91%
ex USA
MSCI ACWI
16.62%
ex USA
MSCI ACWI
26.65%
ex USA
MSCI ACWI
16.65%
ex USA
MSCI ACWI
-45.53%
ex USA
MSCI ACWI
41.45%
ex USA
MSCI ACWI
11.15%
ex USA
MSCI ACWI
-13.71%
ex USA
MSCI ACWI
16.83%
ex USA
MSCI ACWI
15.29%
ex USA
MSCI ACWI
-3.87%
ex USA
MSCI ACWI
-5.66%
ex USA
MSCI ACWI
4.50%
Agg
Barclays
Bloomberg
9.64%
Agg
Barclays
Bloomberg
8.70%
Agg
Barclays
Bloomberg
-0.82%
Agg
Barclays
Bloomberg
11.63%
Agg
Barclays
Bloomberg
8.43%
Agg
Barclays
Bloomberg
10.26%
Agg
Barclays
Bloomberg
4.10%
Agg
Barclays
Bloomberg
4.34%
Agg
Barclays
Bloomberg
2.43%
Agg
Barclays
Bloomberg
4.33%
Agg
Barclays
Bloomberg
6.97%
Agg
Barclays
Bloomberg
5.24%
Agg
Barclays
Bloomberg
5.93%
Agg
Barclays
Bloomberg
6.54%
Agg
Barclays
Bloomberg
7.84%
Agg
Barclays
Bloomberg
4.21%
Agg
Barclays
Bloomberg
-2.02%
Agg
Barclays
Bloomberg
5.97%
Agg
Barclays
Bloomberg
0.55%
Agg
Barclays
Bloomberg
2.65%
Markets
Emerging
MSCI
-11.59%
Markets
Emerging
MSCI
-25.34%
Markets
Emerging
MSCI
66.84%
Markets
Emerging
MSCI
-30.71%
Markets
Emerging
MSCI
-2.62%
Markets
Emerging
MSCI
-6.16%
Markets
Emerging
MSCI
55.82%
Markets
Emerging
MSCI
25.55%
Markets
Emerging
MSCI
34.00%
Markets
Emerging
MSCI
32.17%
Markets
Emerging
MSCI
39.38%
Markets
Emerging
MSCI
-53.33%
Markets
Emerging
MSCI
78.51%
Markets
Emerging
MSCI
18.88%
Markets
Emerging
MSCI
-18.42%
Markets
Emerging
MSCI
18.23%
Markets
Emerging
MSCI
-2.60%
Markets
Emerging
MSCI
-2.19%
Markets
Emerging
MSCI
-14.92%
Markets
Emerging
MSCI
11.19%
High Yield
Barclays
Bloomberg
12.76%
High Yield
Barclays
Bloomberg
1.87%
High Yield
Barclays
Bloomberg
2.39%
High Yield
Barclays
Bloomberg
-5.86%
High Yield
Barclays
Bloomberg
5.28%
High Yield
Barclays
Bloomberg
-1.41%
High Yield
Barclays
Bloomberg
28.97%
High Yield
Barclays
Bloomberg
11.13%
High Yield
Barclays
Bloomberg
2.74%
High Yield
Barclays
Bloomberg
11.85%
High Yield
Barclays
Bloomberg
1.87%
High Yield
Barclays
Bloomberg
-26.16%
High Yield
Barclays
Bloomberg
58.21%
High Yield
Barclays
Bloomberg
15.12%
High Yield
Barclays
Bloomberg
4.98%
High Yield
Barclays
Bloomberg
15.81%
High Yield
Barclays
Bloomberg
7.44%
High Yield
Barclays
Bloomberg
2.45%
High Yield
Barclays
Bloomberg
-4.47%
High Yield
Barclays
Bloomberg
17.13%
Val Wt
NFI-ODCE
13.94%
Val Wt
NFI-ODCE
15.29%
Val Wt
NFI-ODCE
12.05%
Val Wt
NFI-ODCE
13.19%
Val Wt
NFI-ODCE
4.64%
Val Wt
NFI-ODCE
4.57%
Val Wt
NFI-ODCE
8.28%
Val Wt
NFI-ODCE
12.00%
Val Wt
NFI-ODCE
20.15%
Val Wt
NFI-ODCE
15.27%
Val Wt
NFI-ODCE
14.84%
Val Wt
NFI-ODCE
-10.70%
Val Wt
NFI-ODCE
-30.40%
Val Wt
NFI-ODCE
15.26%
Val Wt
NFI-ODCE
14.96%
Val Wt
NFI-ODCE
9.79%
Val Wt
NFI-ODCE
12.90%
Val Wt
NFI-ODCE
11.46%
Val Wt
NFI-ODCE
13.95%
Val Wt
NFI-ODCE
7.79%
Fund
CS Hedge
25.94%
Fund
CS Hedge
-0.36%
Fund
CS Hedge
23.43%
Fund
CS Hedge
4.85%
Fund
CS Hedge
4.42%
Fund
CS Hedge
3.04%
Fund
CS Hedge
15.44%
Fund
CS Hedge
9.64%
Fund
CS Hedge
7.61%
Fund
CS Hedge
13.86%
Fund
CS Hedge
12.56%
Fund
CS Hedge
-19.07%
Fund
CS Hedge
18.57%
Fund
CS Hedge
10.95%
Fund
CS Hedge
-2.52%
Fund
CS Hedge
7.67%
Fund
CS Hedge
9.73%
Fund
CS Hedge
4.13%
Fund
CS Hedge
-0.71%
Fund
CS Hedge
1.25%
Agg ex US
Barclays Gl
Bloomberg
-4.01%
Agg ex US
Barclays Gl
Bloomberg
18.44%
Agg ex US
Barclays Gl
Bloomberg
-8.83%
Agg ex US
Barclays Gl
Bloomberg
-3.91%
Agg ex US
Barclays Gl
Bloomberg
-3.75%
Agg ex US
Barclays Gl
Bloomberg
22.37%
Agg ex US
Barclays Gl
Bloomberg
19.36%
Agg ex US
Barclays Gl
Bloomberg
12.54%
Agg ex US
Barclays Gl
Bloomberg
-8.65%
Agg ex US
Barclays Gl
Bloomberg
8.16%
Agg ex US
Barclays Gl
Bloomberg
11.03%
Agg ex US
Barclays Gl
Bloomberg
4.39%
Agg ex US
Barclays Gl
Bloomberg
7.53%
Agg ex US
Barclays Gl
Bloomberg
4.95%
Agg ex US
Barclays Gl
Bloomberg
4.36%
Agg ex US
Barclays Gl
Bloomberg
4.09%
Agg ex US
Barclays Gl
Bloomberg
-3.08%
Agg ex US
Barclays Gl
Bloomberg
-3.09%
Agg ex US
Barclays Gl
Bloomberg
-6.02%
Agg ex US
Barclays Gl
Bloomberg
1.49%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
The Callan Periodic Table of Investment Returns conveys the strong case for diversification across asset classes (stocks vs. bonds), investment styles (growth vs. value),
capitalizations (large vs. small), and equity markets (U.S. vs. international). The Table highlights the uncertainty inherent in all capital markets. Rankings change every year. Also
noteworthy is the difference between absolute and relative performance, as returns for the top-performing asset class span a wide range over the past 20 years.
Knowledge. Experience. Integrity. 3 The Periodic Table Collection
Callan Periodic Table of Investment Returns (Relative to Zero)
Annual Returns for Key Indices Ranked in Order of Performance (2007–2016)
Small Cap Equity
26.85%
Emerging Markets
18.23%
Small Cap Equity
21.31%
Emerging Markets
39.38%
Emerging Markets
78.51%
Emerging Markets
18.88%
Non-U.S Equity
16.83%
High Yield
17.13%
Non-U.S. Equity
16.65%
High Yield
58.21%
Real Estate
15.26%
Small Cap Equity
16.35%
Large Cap Equity
13.69%
Large Cap Equity
11.96%
Real Estate
14.84%
Non-U.S Equity
41.45%
High Yield
15.12%
Large Cap Equity
16.00%
Small Cap Equity
38.82%
Real Estate
11.46%
Emerging Markets
11.19%
Hedge Funds
12.56%
Small Cap Equity
27.17%
Large Cap Equity
15.06%
Real Estate
14.96%
High Yield
15.81%
Large Cap Equity
32.39%
Aggregate
5.97%
Real Estate
7.79%
U.S. TIPS
11.63%
Large Cap Equity
26.47%
Non-U.S Equity
11.15%
U.S. TIPS
13.56%
Real Estate
9.79%
Non-U.S Equity
15.29%
Small Cap Equity
4.89%
U.S. TIPS
4.68%
Aggregate
6.97%
Hedge Funds
18.57%
Hedge Funds
10.95%
Aggregate
7.84%
Hedge Funds
7.67%
Real Estate
12.90%
Hedge Funds
4.13%
Real Estate
13.95%
Non-U.S Equity
4.50%
Large Cap Equity
5.49%
U.S. TIPS
11.41%
Aggregate
6.54%
High Yield
4.98%
U.S. TIPS
6.98%
Hedge Funds
9.73%
U.S. TIPS
3.64%
Large Cap Equity
1.38%
Aggregate
2.65%
3 Month T-Bills
5.00%
Aggregate
5.24%
Aggregate
5.93%
U.S. TIPS
6.31%
Large Cap Equity
2.11%
Aggregate
4.21%
High Yield
7.44%
High Yield
2.45%
Aggregate
0.55%
Hedge Funds
1.25%
High Yield
1.87%
3 Month T-Bills
2.06%
3 Month T-Bills
0.21%
3 Month T-Bills
0.13%
3 Month T-Bills
0.10%
3 Month T-Bills
0.11%
3 Month T-Bills
0.07%
3 Month T-Bills
0.03%
3 Month T-Bills
0.05%
3 Month T-Bills
0.33%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Small Cap Equity
-1.57%
U.S. TIPS
-2.35%
Real Estate
-30.40%
Hedge Funds
-2.52%
Aggregate
-2.02%
Emerging Markets
-2.19%
Hedge Funds
-0.71%
Real Estate
-10.70%
Small Cap Equity
-4.18%
Emerging Markets
-2.60%
Non-U.S Equity
-3.87%
U.S. TIPS
-1.44%
Hedge Funds
-19.07%
Non-U.S Equity
-13.71%
U.S. TIPS
-8.61%
Small Cap Equity
-4.41%
High Yield
-26.16%
Emerging Markets
-18.42%
High Yield
-4.47%
Small Cap Equity
-33.79%
Non-U.S Equity
-5.66%
Large Cap Equity
-37.00%
Emerging Markets
-14.92%
Non-U.S Equity
-45.53%
Emerging Markets
-53.33%
0.00%
Indices: ●Bloomberg Barclays Aggregate ●Bloomberg Barclays High Yield ●Bloomberg Barclays U.S. TIPS ●Credit Suisse Hedge Fund Index ●Merrill Lynch 3 Month T-Bills
●MSCI ACWI ex USA ●MSCI Emerging Markets ●NFI-ODCE Value Weight ●S&P 500 ●Russell 2000
Knowledge. Experience. Integrity. 4 The Periodic Table Collection
Callan Periodic Table of Investment Returns (Relative to Inflation)
Annual Returns for Key Indices Ranked in Order of Performance (2007–2016)
Small Cap Equity
26.85%
Emerging Markets
18.23%
Emerging Markets
39.38%
Emerging Markets
78.51%
Emerging Markets
18.88%
Non-U.S. Equity
16.83%
Small Cap Equity
21.31%
Non-U.S. Equity
16.65%
Real Estate
14.84%
High Yield
58.21%
Real Estate
15.26%
Small Cap Equity
16.35%
Large Cap Equity
13.69%
High Yield
17.13%
Real Estate
14.84%
Hedge Funds
12.56%
Non-U.S. Equity
41.45%
High Yield
15.12%
Large Cap Equity
16.00%
Small Cap Equity
38.82%
Real Estate
11.46%
Large Cap Equity
11.96%
Hedge Funds
12.56%
U.S. TIPS
11.63%
Small Cap Equity
27.17%
Large Cap Equity
15.06%
High Yield
15.81%
Large Cap Equity
32.39%
Aggregate
5.97%
Emerging Markets
11.19%
U.S. TIPS
11.63%
Large Cap Equity
26.47%
Non-U.S. Equity
11.15%
Real Estate
14.96%
Real Estate
9.79%
Non-U.S. Equity
15.29%
Small Cap Equity
4.89%
Real Estate
7.79%
Aggregate
6.97%
Hedge Funds
18.57%
Hedge Funds
10.95%
U.S. TIPS
13.56%
Hedge Funds
7.67%
Real Estate
12.90%
Hedge Funds
4.13%
U.S. TIPS
4.68%
Large Cap Equity
5.49%
Aggregate
5.24%
U.S. TIPS
11.41%
Aggregate
6.54%
Aggregate
7.84%
U.S. TIPS
6.98%
Hedge Funds
9.73%
U.S. TIPS
3.64%
Real Estate
13.95%
Non-U.S. Equity
4.50%
3 Month T-Bills
5.00%
3 Month T-Bills
2.06%
Aggregate
5.93%
U.S. TIPS
6.31%
High Yield
4.98%
Aggregate
4.21%
High Yield
7.44%
High Yield
2.45%
Large Cap Equity
1.38%
Aggregate
2.65%
2007: 4.08% 2008: 0.09% 2009: 2.72% 2010: 1.50% 2011: 2.96% 2012: 1.74% 2013: 1.50% 2014: 0.76% 2015: 0.73% 2016: 2.07%
High Yield
1.87%
U.S. TIPS
-2.35%
3 Month T-Bills
0.21%
3 Month T-Bills
0.13%
Large Cap Equity
2.11%
3 Month T-Bills
0.11%
3 Month T-Bills
0.07%
3 Month T-Bills
0.03%
Aggregate
0.55%
Hedge Funds
1.25%
Small Cap Equity
-1.57%
Real Estate
-10.70%
Real Estate
-30.40%
3 Month T-Bills
0.10%
Aggregate
-2.02%
Emerging Markets
-2.19%
3 Month T-Bills
0.05%
3 Month T-Bills
0.33%
Hedge Funds
-19.07%
Hedge Funds
-2.52%
Emerging Markets
-2.60%
Non-U.S. Equity
-3.87%
Hedge Funds
-0.71%
High Yield
-26.16%
Small Cap Equity
-4.18%
U.S. TIPS
-8.61%
U.S. TIPS
-1.44%
Small Cap Equity
-33.79%
Non-U.S. Equity
-13.71%
Small Cap Equity
-4.41%
Large Cap Equity
-37.00%
Emerging Markets
-18.42%
High Yield
-4.47%
Non-U.S. Equity
-45.53%
Non-U.S. Equity
-5.66%
Emerging Markets
-53.33%
Emerging Markets
-14.92%
CPI-U
Inflation is represented by the Consumer Price Index. Indices: ●Bloomberg Barclays Aggregate ●Bloomberg Barclays High Yield ●Bloomberg Barclays U.S. TIPS
●Credit Suisse Hedge Fund Index ●Merrill Lynch 3 Month T-Bills ●MSCI ACWI ex USA ●MSCI Emerging Markets ●NFI-ODCE Value Weight ●S&P 500 ●Russell 2000
Knowledge. Experience. Integrity. 5 The Periodic Table Collection
Callan Periodic Table of Real Asset Returns (Relative to Inflation)
Annual Returns for Real Asset Indices Ranked in Order of Performance (2007–2016)
MLPs
18.31%
Timberland
18.43%
MLPs
35.85%
Developed REIT
28.65%
Global Infrastructure
16.34%
Global Infrastructure
12.52%
Global Infrastructure
16.26%
Developed REIT
20.40%
Farmland
18.58%
MLPs
27.58%
Developed REIT
15.89%
Commodities
11.40%
Farmland
15.90%
MLPs
76.41%
Commodities
16.67%
Farmland
15.16%
Global Infrastructure
16.01%
Farmland
20.93%
Farmland
12.64%
Property
7.97%
Property
15.85%
Developed REIT
38.26%
Real Estate
15.26%
Real Estate
14.96%
Property
10.54%
Global Infrastructure
15.89%
Property
11.82%
Real Estate
7.79%
Real Estate
14.84%
Global Infrastructure
34.24%
Property
13.11%
Property
14.26%
Real Estate
9.79%
Real Estate
12.90%
Real Estate
11.46%
Real Estate
13.95%
Farmland
7.09%
MLPs
12.72%
Commodities
18.72%
Global Infrastructure
12.46%
MLPs
13.88%
Timberland
7.76%
Property
10.98%
Timberland
10.48%
Property
13.33%
Developed REIT
4.99%
U.S. TIPS
11.63%
Farmland
15.84%
U.S. TIPS
11.41%
Farmland
8.79%
Global Infrastructure
13.75%
U.S. TIPS
6.98%
Timberland
9.68%
MLPs
4.80%
Farmland
10.35%
U.S. TIPS
4.68%
Commodities
11.08%
Timberland
9.52%
Farmland
6.33%
U.S. TIPS
6.31%
U.S. TIPS
13.56%
MLPs
4.80%
Developed REIT
4.43%
U.S. TIPS
3.64%
Timberland
4.97%
Timberland
2.59%
2007: 4.08% 2008: 0.09% 2009: 2.72% 2010: 1.50% 2011: 2.96% 2012: 1.74% 2013: 1.50% 2014: 0.76% 2015: 0.73% 2016: 2.07%
Developed REIT
-6.96%
U.S. TIPS
-2.35%
Timberland
-4.76%
Timberland
-0.16%
Timberland
1.58%
Commodities
-1.14%
U.S. TIPS
-8.61%
Commodities
-17.04%
Developed REIT
0.05%
Property
-6.46%
Property
-16.86%
Developed REIT
-5.82%
Commodities
-9.58%
U.S. TIPS
-1.44%
Real Estate
-10.70%
Real Estate
-30.40%
Commodities
-13.37%
Global Infrastructure
-14.40%
Global Infrastructure
-36.36%
Commodities
-24.70%
Commodities
-36.61%
MLPs
-32.59%
MLPs
-36.92%
Developed REIT
-47.72%
CPI-U
Inflation is represented by the Consumer Price Index. Indices: ●Alerian MLP ●Bloomberg Barclays U.S. TIPS ●Bloomberg Commodity ●DJB Global Infrastructure
●EPRA/NAREIT Developed REIT ●NCREIF Farmland ●NCREIF Property ●NCREIF Timberland ●NFI-ODCE Value Weight
Knowledge. Experience. Integrity. 6 The Periodic Table Collection
Callan Periodic Table of Fund Sponsor Database Returns
Annual Returns for Fund Sponsor Database Ranked in Order of Performance (1997–2016)
Funds DB
Corporate
Callan
19.5%
Funds DB
Corporate
Callan
14.3%
Funds DB
Corporate
Callan
14.1%
Funds DB
Corporate
Callan
1.4%
Funds DB
Corporate
Callan
-3.6%
Funds DB
Corporate
Callan
-9.4%
Funds DB
Corporate
Callan
22.3%
Funds DB
Corporate
Callan
11.2%
Funds DB
Corporate
Callan
7.1%
Funds DB
Corporate
Callan
13.1%
Funds DB
Corporate
Callan
8.0%
Funds DB
Corporate
Callan
-24.7%
Funds DB
Corporate
Callan
20.6%
Funds DB
Corporate
Callan
13.1%
Funds DB
Corporate
Callan
2.0%
Funds DB
Corporate
Callan
13.0%
Funds DB
Corporate
Callan
12.8%
Funds DB
Corporate
Callan
7.0%
Funds DB
Corporate
Callan
-1.1%
Funds DB
Corporate
Callan
7.9%
DB
Foundation
Endowment/
Callan
19.7%
DB
Foundation
Endowment/
Callan
13.0%
DB
Foundation
Endowment/
Callan
13.9%
DB
Foundation
Endowment/
Callan
1.8%
DB
Foundation
Endowment/
Callan
-3.3%
DB
Foundation
Endowment/
Callan
-9.7%
DB
Foundation
Endowment/
Callan
22.3%
DB
Foundation
Endowment/
Callan
11.2%
DB
Foundation
Endowment/
Callan
7.5%
DB
Foundation
Endowment/
Callan
13.5%
DB
Foundation
Endowment/
Callan
8.7%
DB
Foundation
Endowment/
Callan
-26.5%
DB
Foundation
Endowment/
Callan
21.2%
DB
Foundation
Endowment/
Callan
12.6%
DB
Foundation
Endowment/
Callan
-0.4%
DB
Foundation
Endowment/
Callan
12.3%
DB
Foundation
Endowment/
Callan
14.7%
DB
Foundation
Endowment/
Callan
4.8%
DB
Foundation
Endowment/
Callan
-1.4%
DB
Foundation
Endowment/
Callan
7.1%
Sponsor DB
Large Fund
Callan
18.9%
Sponsor DB
Large Fund
Callan
14.9%
Sponsor DB
Large Fund
Callan
15.4%
Sponsor DB
Large Fund
Callan
0.1%
Sponsor DB
Large Fund
Callan
-4.1%
Sponsor DB
Large Fund
Callan
-9.1%
Sponsor DB
Large Fund
Callan
22.6%
Sponsor DB
Large Fund
Callan
11.7%
Sponsor DB
Large Fund
Callan
8.0%
Sponsor DB
Large Fund
Callan
14.0%
Sponsor DB
Large Fund
Callan
8.9%
Sponsor DB
Large Fund
Callan
-26.0%
Sponsor DB
Large Fund
Callan
19.4%
Sponsor DB
Large Fund
Callan
13.4%
Sponsor DB
Large Fund
Callan
1.5%
Sponsor DB
Large Fund
Callan
13.1%
Sponsor DB
Large Fund
Callan
14.3%
Sponsor DB
Large Fund
Callan
7.1%
Sponsor DB
Large Fund
Callan
-0.1%
Sponsor DB
Large Fund
Callan
7.9%
Sponsor DB
Fund
Callan Mid
19.2%
Sponsor DB
Fund
Callan Mid
13.7%
Sponsor DB
Fund
Callan Mid
13.4%
Sponsor DB
Fund
Callan Mid
1.7%
Sponsor DB
Fund
Callan Mid
-2.8%
Sponsor DB
Fund
Callan Mid
-8.8%
Sponsor DB
Fund
Callan Mid
21.9%
Sponsor DB
Fund
Callan Mid
11.0%
Sponsor DB
Fund
Callan Mid
7.3%
Sponsor DB
Fund
Callan Mid
13.2%
Sponsor DB
Fund
Callan Mid
8.0%
Sponsor DB
Fund
Callan Mid
-25.1%
Sponsor DB
Fund
Callan Mid
20.2%
Sponsor DB
Fund
Callan Mid
12.9%
Sponsor DB
Fund
Callan Mid
1.1%
Sponsor DB
Fund
Callan Mid
12.6%
Sponsor DB
Fund
Callan Mid
14.7%
Sponsor DB
Fund
Callan Mid
6.1%
Sponsor DB
Fund
Callan Mid
-0.6%
Sponsor DB
Fund
Callan Mid
7.7%
Sponsor DB
Small Fund
Callan
19.3%
Sponsor DB
Small Fund
Callan
13.7%
Sponsor DB
Small Fund
Callan
11.6%
Sponsor DB
Small Fund
Callan
2.7%
Sponsor DB
Small Fund
Callan
-2.2%
Sponsor DB
Small Fund
Callan
-8.9%
Sponsor DB
Small Fund
Callan
20.4%
Sponsor DB
Small Fund
Callan
10.4%
Sponsor DB
Small Fund
Callan
6.6%
Sponsor DB
Small Fund
Callan
12.5%
Sponsor DB
Small Fund
Callan
7.8%
Sponsor DB
Small Fund
Callan
-24.8%
Sponsor DB
Small Fund
Callan
20.8%
Sponsor DB
Small Fund
Callan
12.6%
Sponsor DB
Small Fund
Callan
0.2%
Sponsor DB
Small Fund
Callan
12.2%
Sponsor DB
Small Fund
Callan
15.6%
Sponsor DB
Small Fund
Callan
5.4%
Sponsor DB
Small Fund
Callan
-1.0%
Sponsor DB
Small Fund
Callan
7.3%
Funds DB
Public
Callan
18.4%
Funds DB
Public
Callan
14.6%
Funds DB
Public
Callan
13.8%
Funds DB
Public
Callan
1.4%
Funds DB
Public
Callan
-3.1%
Funds DB
Public
Callan
-8.1%
Funds DB
Public
Callan
21.4%
Funds DB
Public
Callan
11.2%
Funds DB
Public
Callan
7.4%
Funds DB
Public
Callan
13.5%
Funds DB
Public
Callan
8.0%
Funds DB
Public
Callan
-25.4%
Funds DB
Public
Callan
20.2%
Funds DB
Public
Callan
13.0%
Funds DB
Public
Callan
0.9%
Funds DB
Public
Callan
12.7%
Funds DB
Public
Callan
15.7%
Funds DB
Public
Callan
6.0%
Funds DB
Public
Callan
0.1%
Funds DB
Public
Callan
7.5%
Hartley DB
Callan Taft-
19.2%
Hartley DB
Callan Taft-
13.9%
Hartley DB
Callan Taft-
8.9%
Hartley DB
Callan Taft-
2.8%
Hartley DB
Callan Taft-
-1.7%
Hartley DB
Callan Taft-
-7.9%
Hartley DB
Callan Taft-
18.8%
Hartley DB
Callan Taft-
9.8%
Hartley DB
Callan Taft-
6.8%
Hartley DB
Callan Taft-
11.8%
Hartley DB
Callan Taft-
7.6%
Hartley DB
Callan Taft-
-23.4%
Hartley DB
Callan Taft-
15.3%
Hartley DB
Callan Taft-
12.8%
Hartley DB
Callan Taft-
1.5%
Hartley DB
Callan Taft-
12.0%
Hartley DB
Callan Taft-
17.3%
Hartley DB
Callan Taft-
6.9%
Hartley DB
Callan Taft-
1.3%
Hartley DB
Callan Taft-
7.8%
Sponsor DB
Fund
Callan Total
19.1%
Sponsor DB
Fund
Callan Total
14.1%
Sponsor DB
Fund
Callan Total
13.2%
Sponsor DB
Fund
Callan Total
1.8%
Sponsor DB
Fund
Callan Total
-3.0%
Sponsor DB
Fund
Callan Total
-8.9%
Sponsor DB
Fund
Callan Total
21.6%
Sponsor DB
Fund
Callan Total
11.0%
Sponsor DB
Fund
Callan Total
7.2%
Sponsor DB
Fund
Callan Total
13.1%
Sponsor DB
Fund
Callan Total
8.1%
Sponsor DB
Fund
Callan Total
-25.1%
Sponsor DB
Fund
Callan Total
20.2%
Sponsor DB
Fund
Callan Total
12.9%
Sponsor DB
Fund
Callan Total
0.8%
Sponsor DB
Fund
Callan Total
12.6%
Sponsor DB
Fund
Callan Total
14.9%
Sponsor DB
Fund
Callan Total
6.0%
Sponsor DB
Fund
Callan Total
-0.7%
Sponsor DB
Fund
Callan Total
7.5%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Knowledge. Experience. Integrity. 7 The Periodic Table Collection
Callan Periodic Table of U.S. Equity Investment Returns
Annual Returns for U.S. Equity Indices Ranked in Order of Performance (1997–2016)
S&P 1500
32.87%
S&P 1500
26.33%
S&P 1500
20.27%
S&P 1500
-6.98%
S&P 1500
-10.64%
S&P 1500
-21.31%
S&P 1500
29.59%
S&P 1500
11.78%
S&P 1500
5.66%
S&P 1500
15.34%
S&P 1500
5.47%
S&P 1500
-36.72%
S&P 1500
27.25%
S&P 1500
16.38%
S&P 1500
1.75%
S&P 1500
16.17%
S&P 1500
32.59%
S&P 1500
13.08%
S&P 1500
1.01%
S&P 1500
13.03%
S&P 500
33.36%
S&P 500
28.58%
S&P 500
21.04%
S&P 500
-9.11%
S&P 500
-11.89%
S&P 500
-22.10%
S&P 500
28.68%
S&P 500
10.88%
S&P 500
4.91%
S&P 500
15.79%
S&P 500
5.49%
S&P 500
-37.00%
S&P 500
26.47%
S&P 500
15.06%
S&P 500
2.11%
S&P 500
16.00%
S&P 500
32.39%
S&P 500
13.69%
S&P 500
1.38%
S&P 500
11.96%
3000
Russell
31.78%
3000
Russell
24.14%
3000
Russell
20.90%
3000
Russell
-7.46%
3000
Russell
-11.46%
3000
Russell
-21.54%
3000
Russell
31.06%
3000
Russell
11.95%
3000
Russell
6.12%
3000
Russell
15.72%
3000
Russell
5.14%
3000
Russell
-37.31%
3000
Russell
28.34%
3000
Russell
16.93%
3000
Russell
1.03%
3000
Russell
16.42%
3000
Russell
33.55%
3000
Russell
12.56%
3000
Russell
0.48%
3000
Russell
12.74%
1000
Russell
32.85%
1000
Russell
27.02%
1000
Russell
20.91%
1000
Russell
-7.79%
1000
Russell
-12.45%
1000
Russell
-21.65%
1000
Russell
29.89%
1000
Russell
11.40%
1000
Russell
6.27%
1000
Russell
15.46%
1000
Russell
5.77%
1000
Russell
-37.60%
1000
Russell
28.43%
1000
Russell
16.10%
1000
Russell
1.50%
1000
Russell
16.42%
1000
Russell
33.11%
1000
Russell
13.24%
1000
Russell
0.92%
1000
Russell
12.05%
S&P 400
32.25%
S&P 400
19.11%
S&P 400
14.73%
S&P 400
17.50%
S&P 400
-0.60%
S&P 400
-14.51%
S&P 400
35.62%
S&P 400
16.48%
S&P 400
12.56%
S&P 400
10.31%
S&P 400
7.98%
S&P 400
-36.23%
S&P 400
37.38%
S&P 400
26.64%
S&P 400
-1.73%
S&P 400
17.88%
S&P 400
33.50%
S&P 400
9.77%
S&P 400
-2.18%
S&P 400
20.74%
Midcap
Russell
29.01%
Midcap
Russell
10.09%
Midcap
Russell
18.23%
Midcap
Russell
8.25%
Midcap
Russell
-5.62%
Midcap
Russell
-16.19%
Midcap
Russell
40.06%
Midcap
Russell
20.22%
Midcap
Russell
12.65%
Midcap
Russell
15.26%
Midcap
Russell
5.60%
Midcap
Russell
-41.46%
Midcap
Russell
40.48%
Midcap
Russell
25.48%
Midcap
Russell
-1.55%
Midcap
Russell
17.28%
Midcap
Russell
34.76%
Midcap
Russell
13.22%
Midcap
Russell
-2.44%
Midcap
Russell
13.80%
2500
Russell
24.36%
2500
Russell
0.38%
2500
Russell
24.14%
2500
Russell
4.27%
2500
Russell
1.22%
2500
Russell
-17.80%
2500
Russell
45.51%
2500
Russell
18.29%
2500
Russell
8.11%
2500
Russell
16.17%
2500
Russell
1.38%
2500
Russell
-36.79%
2500
Russell
34.39%
2500
Russell
26.71%
2500
Russell
-2.51%
2500
Russell
17.88%
2500
Russell
36.80%
2500
Russell
7.07%
2500
Russell
-2.90%
2500
Russell
17.59%
S&P 600
25.58%
S&P 600
-1.30%
S&P 600
12.40%
S&P 600
11.80%
S&P 600
6.54%
S&P 600
-14.63%
S&P 600
38.79%
S&P 600
22.65%
S&P 600
7.68%
S&P 600
15.11%
S&P 600
-0.30%
S&P 600
-31.07%
S&P 600
25.57%
S&P 600
26.31%
S&P 600
1.02%
S&P 600
16.33%
S&P 600
41.31%
S&P 600
5.76%
S&P 600
-1.97%
S&P 600
26.56%
2000
Russell
22.36%
2000
Russell
-2.55%
2000
Russell
21.26%
2000
Russell
-3.02%
2000
Russell
2.49%
2000
Russell
-20.48%
2000
Russell
47.25%
2000
Russell
18.33%
2000
Russell
4.55%
2000
Russell
18.37%
2000
Russell
-1.57%
2000
Russell
-33.79%
2000
Russell
27.17%
2000
Russell
26.85%
2000
Russell
-4.18%
2000
Russell
16.35%
2000
Russell
38.82%
2000
Russell
4.89%
2000
Russell
-4.41%
2000
Russell
21.31%
S&P 1000
30.26%
S&P 1000
13.20%
S&P 1000
14.11%
S&P 1000
15.86%
S&P 1000
1.45%
S&P 1000
-14.54%
S&P 1000
36.61%
S&P 1000
18.39%
S&P 1000
10.93%
S&P 1000
11.89%
S&P 1000
5.18%
S&P 1000
-34.67%
S&P 1000
33.48%
S&P 1000
26.55%
S&P 1000
-0.92%
S&P 1000
17.40%
S&P 1000
35.87%
S&P 1000
8.54%
S&P 1000
-2.11%
S&P 1000
22.49%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Knowledge. Experience. Integrity. 8 The Periodic Table Collection
Callan Periodic Table of Global Equity Investment Returns
Annual Returns for Global Equity Indices Ranked in Order of Performance (1997–2016)
All Indices are MSCI.
USA
ACWI ex
-19.73%
USA
ACWI ex
-14.95%
USA
ACWI ex
40.83%
USA
ACWI ex
20.91%
USA
ACWI ex
16.62%
USA
ACWI ex
26.65%
USA
ACWI ex
16.65%
USA
ACWI ex
-45.53%
USA
ACWI ex
41.45%
USA
ACWI ex
11.15%
USA
ACWI ex
-13.71%
USA
ACWI ex
16.83%
USA
ACWI ex
15.29%
USA
ACWI ex
-3.87%
USA
ACWI ex
-5.66%
USA
ACWI ex
4.50%
ACWI
-16.21%
ACWI
-19.32%
ACWI
33.99%
ACWI
15.23%
ACWI
10.84%
ACWI
20.95%
ACWI
11.66%
ACWI
-42.20%
ACWI
34.63%
ACWI
12.67%
ACWI
-7.35%
ACWI
16.13%
ACWI
22.80%
ACWI
4.16%
ACWI
-2.36%
ACWI
7.86%
Markets
Emerging
-11.59%
Markets
Emerging
-25.34%
Markets
Emerging
66.84%
Markets
Emerging
-30.71%
Markets
Emerging
-2.62%
Markets
Emerging
-6.16%
Markets
Emerging
55.82%
Markets
Emerging
25.55%
Markets
Emerging
34.00%
Markets
Emerging
32.17%
Markets
Emerging
39.38%
Markets
Emerging
-53.33%
Markets
Emerging
78.51%
Markets
Emerging
18.88%
Markets
Emerging
-18.42%
Markets
Emerging
18.23%
Markets
Emerging
-2.60%
Markets
Emerging
-2.19%
Markets
Emerging
-14.92%
Markets
Emerging
11.19%
MSCI World
15.76%
MSCI World
24.33%
MSCI World
24.94%
MSCI World
-13.17%
MSCI World
-16.82%
MSCI World
-19.89%
MSCI World
33.11%
MSCI World
14.72%
MSCI World
9.49%
MSCI World
20.07%
MSCI World
9.04%
MSCI World
-40.71%
MSCI World
29.99%
MSCI World
11.76%
MSCI World
-5.54%
MSCI World
15.83%
MSCI World
26.68%
MSCI World
4.94%
MSCI World
-0.87%
MSCI World
7.51%
ex USA SC
MSCI ACWI
-18.84%
ex USA SC
MSCI ACWI
5.13%
ex USA SC
MSCI ACWI
32.26%
ex USA SC
MSCI ACWI
-18.24%
ex USA SC
MSCI ACWI
-14.40%
ex USA SC
MSCI ACWI
-5.69%
ex USA SC
MSCI ACWI
57.72%
ex USA SC
MSCI ACWI
29.10%
ex USA SC
MSCI ACWI
22.97%
ex USA SC
MSCI ACWI
26.70%
ex USA SC
MSCI ACWI
10.74%
ex USA SC
MSCI ACWI
-50.23%
ex USA SC
MSCI ACWI
62.91%
ex USA SC
MSCI ACWI
25.20%
ex USA SC
MSCI ACWI
-18.50%
ex USA SC
MSCI ACWI
18.52%
ex USA SC
MSCI ACWI
19.73%
ex USA SC
MSCI ACWI
-4.03%
ex USA SC
MSCI ACWI
2.60%
ex USA SC
MSCI ACWI
3.91%
Europe
23.80%
Europe
28.51%
Europe
15.90%
Europe
-8.40%
Europe
-19.90%
Europe
-18.38%
Europe
38.54%
Europe
20.88%
Europe
9.42%
Europe
33.72%
Europe
13.86%
Europe
-46.42%
Europe
35.83%
Europe
3.88%
Europe
-11.06%
Europe
19.12%
Europe
25.23%
Europe
-6.18%
Europe
-2.84%
Europe
-0.40%
Japan
-23.67%
Japan
5.04%
Japan
61.53%
Japan
-28.16%
Japan
-29.40%
Japan
-10.28%
Japan
35.91%
Japan
15.86%
Japan
25.52%
Japan
6.24%
Japan
-4.23%
Japan
-29.21%
Japan
6.25%
Japan
15.44%
Japan
-14.33%
Japan
8.18%
Japan
27.16%
Japan
-4.02%
Japan
9.57%
Japan
2.38%
Pacific
-25.49%
Pacific
2.45%
Pacific
57.64%
Pacific
-25.77%
Pacific
-25.40%
Pacific
-9.29%
Pacific
38.48%
Pacific
18.98%
Pacific
22.64%
Pacific
12.20%
Pacific
5.30%
Pacific
-36.42%
Pacific
24.18%
Pacific
15.92%
Pacific
-13.74%
Pacific
14.42%
Pacific
18.27%
Pacific
-2.70%
Pacific
2.96%
Pacific
4.18%
Japan
Pacific ex
-31.00%
Japan
Pacific ex
-6.64%
Japan
Pacific ex
42.58%
Japan
Pacific ex
-15.57%
Japan
Pacific ex
-9.88%
Japan
Pacific ex
-6.42%
Japan
Pacific ex
45.77%
Japan
Pacific ex
28.46%
Japan
Pacific ex
13.81%
Japan
Pacific ex
32.02%
Japan
Pacific ex
30.73%
Japan
Pacific ex
-50.50%
Japan
Pacific ex
72.81%
Japan
Pacific ex
16.91%
Japan
Pacific ex
-12.79%
Japan
Pacific ex
24.57%
Japan
Pacific ex
5.49%
Japan
Pacific ex
-0.47%
Japan
Pacific ex
-8.47%
Japan
Pacific ex
7.85%
ex USA
MSCI World
2.26%
ex USA
MSCI World
18.76%
ex USA
MSCI World
27.92%
ex USA
MSCI World
-13.37%
ex USA
MSCI World
-21.40%
ex USA
MSCI World
-15.80%
ex USA
MSCI World
39.42%
ex USA
MSCI World
20.38%
ex USA
MSCI World
14.47%
ex USA
MSCI World
25.71%
ex USA
MSCI World
12.44%
ex USA
MSCI World
-43.56%
ex USA
MSCI World
33.67%
ex USA
MSCI World
8.95%
ex USA
MSCI World
-12.21%
ex USA
MSCI World
16.41%
ex USA
MSCI World
21.02%
ex USA
MSCI World
-4.32%
ex USA
MSCI World
-3.04%
ex USA
MSCI World
2.75%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Knowledge. Experience. Integrity. 9 The Periodic Table Collection
Callan Periodic Table of Investment Returns (Including Alternatives)
Annual Returns for Key Indices Ranked in Order of Performance (1997–2016)
S&P 500
33.36%
S&P 500
28.58%
S&P 500
21.04%
S&P 500
-9.11%
S&P 500
-11.89%
S&P 500
-22.10%
S&P 500
28.68%
S&P 500
10.88%
S&P 500
4.91%
S&P 500
15.79%
S&P 500
5.49%
S&P 500
-37.00%
S&P 500
26.47%
S&P 500
15.06%
S&P 500
2.11%
S&P 500
16.00%
S&P 500
32.39%
S&P 500
13.69%
S&P 500
1.38%
S&P 500
11.96%
2000
Russell
22.36%
2000
Russell
-2.55%
2000
Russell
21.26%
2000
Russell
-3.02%
2000
Russell
2.49%
2000
Russell
-20.48%
2000
Russell
47.25%
2000
Russell
18.33%
2000
Russell
4.55%
2000
Russell
18.37%
2000
Russell
-1.57%
2000
Russell
-33.79%
2000
Russell
27.17%
2000
Russell
26.85%
2000
Russell
-4.18%
2000
Russell
16.35%
2000
Russell
38.82%
2000
Russell
4.89%
2000
Russell
-4.41%
2000
Russell
21.31%
ex USA
MSCI ACWI
-19.73%
ex USA
MSCI ACWI
-14.95%
ex USA
MSCI ACWI
40.83%
ex USA
MSCI ACWI
20.91%
ex USA
MSCI ACWI
16.62%
ex USA
MSCI ACWI
26.65%
ex USA
MSCI ACWI
16.65%
ex USA
MSCI ACWI
-45.53%
ex USA
MSCI ACWI
41.45%
ex USA
MSCI ACWI
11.15%
ex USA
MSCI ACWI
-13.71%
ex USA
MSCI ACWI
16.83%
ex USA
MSCI ACWI
15.29%
ex USA
MSCI ACWI
-3.87%
ex USA
MSCI ACWI
-5.66%
ex USA
MSCI ACWI
4.50%
Agg
Barclays
Bloomberg
9.64%
Agg
Barclays
Bloomberg
8.70%
Agg
Barclays
Bloomberg
-0.82%
Agg
Barclays
Bloomberg
11.63%
Agg
Barclays
Bloomberg
8.43%
Agg
Barclays
Bloomberg
10.26%
Agg
Barclays
Bloomberg
4.10%
Agg
Barclays
Bloomberg
4.34%
Agg
Barclays
Bloomberg
2.43%
Agg
Barclays
Bloomberg
4.33%
Agg
Barclays
Bloomberg
6.97%
Agg
Barclays
Bloomberg
5.24%
Agg
Barclays
Bloomberg
5.93%
Agg
Barclays
Bloomberg
6.54%
Agg
Barclays
Bloomberg
7.84%
Agg
Barclays
Bloomberg
4.21%
Agg
Barclays
Bloomberg
-2.02%
Agg
Barclays
Bloomberg
5.97%
Agg
Barclays
Bloomberg
0.55%
Agg
Barclays
Bloomberg
2.65%
Markets
Emerging
MSCI
-11.59%
Markets
Emerging
MSCI
-25.34%
Markets
Emerging
MSCI
66.84%
Markets
Emerging
MSCI
-30.71%
Markets
Emerging
MSCI
-2.62%
Markets
Emerging
MSCI
-6.16%
Markets
Emerging
MSCI
55.82%
Markets
Emerging
MSCI
25.55%
Markets
Emerging
MSCI
34.00%
Markets
Emerging
MSCI
32.17%
Markets
Emerging
MSCI
39.38%
Markets
Emerging
MSCI
-53.33%
Markets
Emerging
MSCI
78.51%
Markets
Emerging
MSCI
18.88%
Markets
Emerging
MSCI
-18.42%
Markets
Emerging
MSCI
18.23%
Markets
Emerging
MSCI
-2.60%
Markets
Emerging
MSCI
-2.19%
Markets
Emerging
MSCI
-14.92%
Markets
Emerging
MSCI
11.19%
HY
Barclays
Bloomberg
12.76%
HY
Barclays
Bloomberg
1.87%
HY
Barclays
Bloomberg
2.39%
HY
Barclays
Bloomberg
-5.86%
HY
Barclays
Bloomberg
5.28%
HY
Barclays
Bloomberg
-1.41%
HY
Barclays
Bloomberg
28.97%
HY
Barclays
Bloomberg
11.13%
HY
Barclays
Bloomberg
2.74%
HY
Barclays
Bloomberg
11.85%
HY
Barclays
Bloomberg
1.87%
HY
Barclays
Bloomberg
-26.16%
HY
Barclays
Bloomberg
58.21%
HY
Barclays
Bloomberg
15.12%
HY
Barclays
Bloomberg
4.98%
HY
Barclays
Bloomberg
15.81%
HY
Barclays
Bloomberg
7.44%
HY
Barclays
Bloomberg
2.45%
HY
Barclays
Bloomberg
-4.47%
HY
Barclays
Bloomberg
17.13%
Property
NCREIF
13.91%
Property
NCREIF
16.24%
Property
NCREIF
11.36%
Property
NCREIF
12.24%
Property
NCREIF
7.28%
Property
NCREIF
6.74%
Property
NCREIF
8.99%
Property
NCREIF
14.48%
Property
NCREIF
20.06%
Property
NCREIF
16.59%
Property
NCREIF
15.85%
Property
NCREIF
-6.46%
Property
NCREIF
-16.86%
Property
NCREIF
13.11%
Property
NCREIF
14.26%
Property
NCREIF
10.54%
Property
NCREIF
10.98%
Property
NCREIF
11.82%
Property
NCREIF
13.33%
Property
NCREIF
7.97%
Bills
3 Month T-
5.32%
Bills
3 Month T-
5.25%
Bills
3 Month T-
4.85%
Bills
3 Month T-
6.18%
Bills
3 Month T-
4.42%
Bills
3 Month T-
1.78%
Bills
3 Month T-
1.15%
Bills
3 Month T-
1.33%
Bills
3 Month T-
3.07%
Bills
3 Month T-
4.85%
Bills
3 Month T-
5.00%
Bills
3 Month T-
2.06%
Bills
3 Month T-
0.21%
Bills
3 Month T-
0.13%
Bills
3 Month T-
0.10%
Bills
3 Month T-
0.11%
Bills
3 Month T-
0.07%
Bills
3 Month T-
0.03%
Bills
3 Month T-
0.05%
Bills
3 Month T-
0.33%
Fund
CS Hedge
25.94%
Fund
CS Hedge
-0.36%
Fund
CS Hedge
23.43%
Fund
CS Hedge
4.85%
Fund
CS Hedge
4.42%
Fund
CS Hedge
3.04%
Fund
CS Hedge
15.44%
Fund
CS Hedge
9.64%
Fund
CS Hedge
7.61%
Fund
CS Hedge
13.86%
Fund
CS Hedge
12.56%
Fund
CS Hedge
-19.07%
Fund
CS Hedge
18.57%
Fund
CS Hedge
10.95%
Fund
CS Hedge
-2.52%
Fund
CS Hedge
7.67%
Fund
CS Hedge
9.73%
Fund
CS Hedge
4.13%
Fund
CS Hedge
-0.71%
Fund
CS Hedge
1.25%
U.S. TIPS
Barclays
Bloomberg
3.95%
U.S. TIPS
Barclays
Bloomberg
2.40%
U.S. TIPS
Barclays
Bloomberg
13.17%
U.S. TIPS
Barclays
Bloomberg
7.90%
U.S. TIPS
Barclays
Bloomberg
16.57%
U.S. TIPS
Barclays
Bloomberg
8.40%
U.S. TIPS
Barclays
Bloomberg
8.46%
U.S. TIPS
Barclays
Bloomberg
2.84%
U.S. TIPS
Barclays
Bloomberg
0.41%
U.S. TIPS
Barclays
Bloomberg
11.63%
U.S. TIPS
Barclays
Bloomberg
-2.35%
U.S. TIPS
Barclays
Bloomberg
11.41%
U.S. TIPS
Barclays
Bloomberg
6.31%
U.S. TIPS
Barclays
Bloomberg
13.56%
U.S. TIPS
Barclays
Bloomberg
6.98%
U.S. TIPS
Barclays
Bloomberg
-8.61%
U.S. TIPS
Barclays
Bloomberg
3.64%
U.S. TIPS
Barclays
Bloomberg
-1.44%
U.S. TIPS
Barclays
Bloomberg
4.68%
Commodity
Bloomberg
-8.24%
Commodity
Bloomberg
-30.52%
Commodity
Bloomberg
18.60%
Commodity
Bloomberg
24.21%
Commodity
Bloomberg
-22.32%
Commodity
Bloomberg
23.86%
Commodity
Bloomberg
22.66%
Commodity
Bloomberg
7.64%
Commodity
Bloomberg
17.54%
Commodity
Bloomberg
-2.71%
Commodity
Bloomberg
11.08%
Commodity
Bloomberg
-36.61%
Commodity
Bloomberg
18.72%
Commodity
Bloomberg
16.67%
Commodity
Bloomberg
-13.37%
Commodity
Bloomberg
-1.14%
Commodity
Bloomberg
-9.58%
Commodity
Bloomberg
-17.04%
Commodity
Bloomberg
-24.70%
Commodity
Bloomberg
11.40%
Val Wt
NFI-ODCE
13.94%
Val Wt
NFI-ODCE
15.29%
Val Wt
NFI-ODCE
12.05%
Val Wt
NFI-ODCE
13.19%
Val Wt
NFI-ODCE
4.64%
Val Wt
NFI-ODCE
4.57%
Val Wt
NFI-ODCE
8.28%
Val Wt
NFI-ODCE
12.00%
Val Wt
NFI-ODCE
20.15%
Val Wt
NFI-ODCE
15.27%
Val Wt
NFI-ODCE
14.84%
Val Wt
NFI-ODCE
-10.70%
Val Wt
NFI-ODCE
-30.40%
Val Wt
NFI-ODCE
15.26%
Val Wt
NFI-ODCE
14.96%
Val Wt
NFI-ODCE
9.79%
Val Wt
NFI-ODCE
12.90%
Val Wt
NFI-ODCE
11.46%
Val Wt
NFI-ODCE
13.95%
Val Wt
NFI-ODCE
7.79%
Private Eq
Cambridge
28.44%
Private Eq
Cambridge
19.00%
Private Eq
Cambridge
90.13%
Private Eq
Cambridge
11.85%
Private Eq
Cambridge
-19.87%
Private Eq
Cambridge
-10.78%
Private Eq
Cambridge
18.52%
Private Eq
Cambridge
24.32%
Private Eq
Cambridge
21.78%
Private Eq
Cambridge
32.22%
Private Eq
Cambridge
22.59%
Private Eq
Cambridge
-26.70%
Private Eq
Cambridge
17.33%
Private Eq
Cambridge
18.76%
Private Eq
Cambridge
7.12%
Private Eq
Cambridge
13.98%
Private Eq
Cambridge
21.14%
Private Eq
Cambridge
11.78%
Private Eq
Cambridge
8.53%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Cambridge Private Equity Index full year 2016 performance unavailable at time of reporting.
Knowledge. Experience. Integrity. 10 The Periodic Table Collection
Callan Periodic Table of Investment Returns (Including Real Estate)
Annual Returns for Key Indices Ranked in Order of Performance (1997–2016)
S&P 500
33.36%
S&P 500
28.58%
S&P 500
21.04%
S&P 500
-9.11%
S&P 500
-11.89%
S&P 500
-22.10%
S&P 500
28.68%
S&P 500
10.88%
S&P 500
4.91%
S&P 500
15.79%
S&P 500
5.49%
S&P 500
-37.00%
S&P 500
26.47%
S&P 500
15.06%
S&P 500
2.11%
S&P 500
16.00%
S&P 500
32.39%
S&P 500
13.69%
S&P 500
1.38%
S&P 500
11.96%
2000
Russell
22.36%
2000
Russell
-2.55%
2000
Russell
21.26%
2000
Russell
-3.02%
2000
Russell
2.49%
2000
Russell
-20.48%
2000
Russell
47.25%
2000
Russell
18.33%
2000
Russell
4.55%
2000
Russell
18.37%
2000
Russell
-1.57%
2000
Russell
-33.79%
2000
Russell
27.17%
2000
Russell
26.85%
2000
Russell
-4.18%
2000
Russell
16.35%
2000
Russell
38.82%
2000
Russell
4.89%
2000
Russell
-4.41%
2000
Russell
21.31%
ex USA
MSCI ACWI
-19.73%
ex USA
MSCI ACWI
-14.95%
ex USA
MSCI ACWI
40.83%
ex USA
MSCI ACWI
20.91%
ex USA
MSCI ACWI
16.62%
ex USA
MSCI ACWI
26.65%
ex USA
MSCI ACWI
16.65%
ex USA
MSCI ACWI
-45.53%
ex USA
MSCI ACWI
41.45%
ex USA
MSCI ACWI
11.15%
ex USA
MSCI ACWI
-13.71%
ex USA
MSCI ACWI
16.83%
ex USA
MSCI ACWI
15.29%
ex USA
MSCI ACWI
-3.87%
ex USA
MSCI ACWI
-5.66%
ex USA
MSCI ACWI
4.50%
Agg
Barclays
Bloomberg
9.64%
Agg
Barclays
Bloomberg
8.70%
Agg
Barclays
Bloomberg
-0.82%
Agg
Barclays
Bloomberg
11.63%
Agg
Barclays
Bloomberg
8.43%
Agg
Barclays
Bloomberg
10.26%
Agg
Barclays
Bloomberg
4.10%
Agg
Barclays
Bloomberg
4.34%
Agg
Barclays
Bloomberg
2.43%
Agg
Barclays
Bloomberg
4.33%
Agg
Barclays
Bloomberg
6.97%
Agg
Barclays
Bloomberg
5.24%
Agg
Barclays
Bloomberg
5.93%
Agg
Barclays
Bloomberg
6.54%
Agg
Barclays
Bloomberg
7.84%
Agg
Barclays
Bloomberg
4.21%
Agg
Barclays
Bloomberg
-2.02%
Agg
Barclays
Bloomberg
5.97%
Agg
Barclays
Bloomberg
0.55%
Agg
Barclays
Bloomberg
2.65%
Markets
Emerging
MSCI
-11.59%
Markets
Emerging
MSCI
-25.34%
Markets
Emerging
MSCI
66.84%
Markets
Emerging
MSCI
-30.71%
Markets
Emerging
MSCI
-2.62%
Markets
Emerging
MSCI
-6.16%
Markets
Emerging
MSCI
55.82%
Markets
Emerging
MSCI
25.55%
Markets
Emerging
MSCI
34.00%
Markets
Emerging
MSCI
32.17%
Markets
Emerging
MSCI
39.38%
Markets
Emerging
MSCI
-53.33%
Markets
Emerging
MSCI
78.51%
Markets
Emerging
MSCI
18.88%
Markets
Emerging
MSCI
-18.42%
Markets
Emerging
MSCI
18.23%
Markets
Emerging
MSCI
-2.60%
Markets
Emerging
MSCI
-2.19%
Markets
Emerging
MSCI
-14.92%
Markets
Emerging
MSCI
11.19%
Property
NCREIF
13.91%
Property
NCREIF
16.24%
Property
NCREIF
11.36%
Property
NCREIF
12.24%
Property
NCREIF
7.28%
Property
NCREIF
6.74%
Property
NCREIF
8.99%
Property
NCREIF
14.48%
Property
NCREIF
20.06%
Property
NCREIF
16.59%
Property
NCREIF
15.85%
Property
NCREIF
-6.46%
Property
NCREIF
-16.86%
Property
NCREIF
13.11%
Property
NCREIF
14.26%
Property
NCREIF
10.54%
Property
NCREIF
10.98%
Property
NCREIF
11.82%
Property
NCREIF
13.33%
Property
NCREIF
7.97%
Equity
NAREIT
20.26%
Equity
NAREIT
-17.50%
Equity
NAREIT
-4.62%
Equity
NAREIT
26.37%
Equity
NAREIT
13.93%
Equity
NAREIT
3.82%
Equity
NAREIT
37.13%
Equity
NAREIT
31.58%
Equity
NAREIT
12.15%
Equity
NAREIT
35.06%
Equity
NAREIT
-15.69%
Equity
NAREIT
-37.72%
Equity
NAREIT
27.99%
Equity
NAREIT
27.96%
Equity
NAREIT
8.29%
Equity
NAREIT
18.06%
Equity
NAREIT
2.47%
Equity
NAREIT
30.14%
Equity
NAREIT
3.20%
Equity
NAREIT
8.52%
High Yield
Barclays
Bloomberg
12.76%
High Yield
Barclays
Bloomberg
1.87%
High Yield
Barclays
Bloomberg
2.39%
High Yield
Barclays
Bloomberg
-5.86%
High Yield
Barclays
Bloomberg
5.28%
High Yield
Barclays
Bloomberg
-1.41%
High Yield
Barclays
Bloomberg
28.97%
High Yield
Barclays
Bloomberg
11.13%
High Yield
Barclays
Bloomberg
2.74%
High Yield
Barclays
Bloomberg
11.85%
High Yield
Barclays
Bloomberg
1.87%
High Yield
Barclays
Bloomberg
-26.16%
High Yield
Barclays
Bloomberg
58.21%
High Yield
Barclays
Bloomberg
15.12%
High Yield
Barclays
Bloomberg
4.98%
High Yield
Barclays
Bloomberg
15.81%
High Yield
Barclays
Bloomberg
7.44%
High Yield
Barclays
Bloomberg
2.45%
High Yield
Barclays
Bloomberg
-4.47%
High Yield
Barclays
Bloomberg
17.13%
Val Wt
NFI-ODCE
13.94%
Val Wt
NFI-ODCE
15.29%
Val Wt
NFI-ODCE
12.05%
Val Wt
NFI-ODCE
13.19%
Val Wt
NFI-ODCE
4.64%
Val Wt
NFI-ODCE
4.57%
Val Wt
NFI-ODCE
8.28%
Val Wt
NFI-ODCE
12.00%
Val Wt
NFI-ODCE
20.15%
Val Wt
NFI-ODCE
15.27%
Val Wt
NFI-ODCE
14.84%
Val Wt
NFI-ODCE
-10.70%
Val Wt
NFI-ODCE
-30.40%
Val Wt
NFI-ODCE
15.26%
Val Wt
NFI-ODCE
14.96%
Val Wt
NFI-ODCE
9.79%
Val Wt
NFI-ODCE
12.90%
Val Wt
NFI-ODCE
11.46%
Val Wt
NFI-ODCE
13.95%
Val Wt
NFI-ODCE
7.79%
Dev REIT
NAREIT
EPRA/
-7.38%
Dev REIT
NAREIT
EPRA/
-8.18%
Dev REIT
NAREIT
EPRA/
8.87%
Dev REIT
NAREIT
EPRA/
13.84%
Dev REIT
NAREIT
EPRA/
-3.81%
Dev REIT
NAREIT
EPRA/
2.82%
Dev REIT
NAREIT
EPRA/
40.69%
Dev REIT
NAREIT
EPRA/
37.96%
Dev REIT
NAREIT
EPRA/
15.35%
Dev REIT
NAREIT
EPRA/
42.35%
Dev REIT
NAREIT
EPRA/
-6.96%
Dev REIT
NAREIT
EPRA/
-47.72%
Dev REIT
NAREIT
EPRA/
38.26%
Dev REIT
NAREIT
EPRA/
20.40%
Dev REIT
NAREIT
EPRA/
-5.82%
Dev REIT
NAREIT
EPRA/
28.65%
Dev REIT
NAREIT
EPRA/
4.43%
Dev REIT
NAREIT
EPRA/
15.89%
Dev REIT
NAREIT
EPRA/
0.05%
Dev REIT
NAREIT
EPRA/
4.99%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Knowledge. Experience. Integrity. 11 The Periodic Table Collection
Callan Periodic Table of Fixed Income Investment Returns
Annual Returns for Fixed Income Indices Ranked in Order of Performance (1997–2016)
1-3 Yr
Gov/Credit
6.65%
1-3 Yr
Gov/Credit
6.97%
1-3 Yr
Gov/Credit
3.16%
1-3 Yr
Gov/Credit
8.08%
1-3 Yr
Gov/Credit
8.78%
1-3 Yr
Gov/Credit
6.28%
1-3 Yr
Gov/Credit
2.82%
1-3 Yr
Gov/Credit
1.30%
1-3 Yr
Gov/Credit
1.77%
1-3 Yr
Gov/Credit
4.25%
1-3 Yr
Gov/Credit
6.83%
1-3 Yr
Gov/Credit
4.97%
1-3 Yr
Gov/Credit
3.83%
1-3 Yr
Gov/Credit
2.80%
1-3 Yr
Gov/Credit
1.59%
1-3 Yr
Gov/Credit
1.26%
1-3 Yr
Gov/Credit
0.64%
1-3 Yr
Gov/Credit
0.77%
1-3 Yr
Gov/Credit
0.65%
1-3 Yr
Gov/Credit
1.28%
Credit
Intermediate
8.35%
Credit
Intermediate
8.29%
Credit
Intermediate
0.16%
Credit
Intermediate
9.47%
Credit
Intermediate
9.76%
Credit
Intermediate
10.14%
Credit
Intermediate
6.91%
Credit
Intermediate
4.08%
Credit
Intermediate
1.42%
Credit
Intermediate
4.49%
Credit
Intermediate
5.60%
Credit
Intermediate
-2.76%
Credit
Intermediate
15.93%
Credit
Intermediate
7.76%
Credit
Intermediate
5.37%
Credit
Intermediate
8.10%
Credit
Intermediate
-0.17%
Credit
Intermediate
4.16%
Credit
Intermediate
0.90%
Credit
Intermediate
3.68%
Aggregate
Global
3.79%
Aggregate
Global
13.71%
Aggregate
Global
-5.17%
Aggregate
Global
3.18%
Aggregate
Global
1.57%
Aggregate
Global
16.53%
Aggregate
Global
12.51%
Aggregate
Global
9.27%
Aggregate
Global
-4.49%
Aggregate
Global
6.64%
Aggregate
Global
9.48%
Aggregate
Global
4.79%
Aggregate
Global
6.93%
Aggregate
Global
5.54%
Aggregate
Global
5.64%
Aggregate
Global
4.32%
Aggregate
Global
-2.60%
Aggregate
Global
0.59%
Aggregate
Global
-3.15%
Aggregate
Global
2.09%
Agg
Barclays
Bloomberg
9.64%
Agg
Barclays
Bloomberg
8.70%
Agg
Barclays
Bloomberg
-0.82%
Agg
Barclays
Bloomberg
11.63%
Agg
Barclays
Bloomberg
8.43%
Agg
Barclays
Bloomberg
10.26%
Agg
Barclays
Bloomberg
4.10%
Agg
Barclays
Bloomberg
4.34%
Agg
Barclays
Bloomberg
2.43%
Agg
Barclays
Bloomberg
4.33%
Agg
Barclays
Bloomberg
6.97%
Agg
Barclays
Bloomberg
5.24%
Agg
Barclays
Bloomberg
5.93%
Agg
Barclays
Bloomberg
6.54%
Agg
Barclays
Bloomberg
7.84%
Agg
Barclays
Bloomberg
4.21%
Agg
Barclays
Bloomberg
-2.02%
Agg
Barclays
Bloomberg
5.97%
Agg
Barclays
Bloomberg
0.55%
Agg
Barclays
Bloomberg
2.65%
Loans
Leveraged
CS
8.29%
Loans
Leveraged
CS
5.31%
Loans
Leveraged
CS
4.69%
Loans
Leveraged
CS
4.94%
Loans
Leveraged
CS
2.65%
Loans
Leveraged
CS
1.11%
Loans
Leveraged
CS
11.02%
Loans
Leveraged
CS
5.60%
Loans
Leveraged
CS
5.69%
Loans
Leveraged
CS
7.33%
Loans
Leveraged
CS
1.88%
Loans
Leveraged
CS
-28.75%
Loans
Leveraged
CS
44.86%
Loans
Leveraged
CS
9.99%
Loans
Leveraged
CS
1.82%
Loans
Leveraged
CS
8.74%
Loans
Leveraged
CS
6.12%
Loans
Leveraged
CS
2.05%
Loans
Leveraged
CS
-0.39%
Loans
Leveraged
CS
9.88%
Yield
Corp High
12.76%
Yield
Corp High
1.87%
Yield
Corp High
2.39%
Yield
Corp High
-5.86%
Yield
Corp High
5.28%
Yield
Corp High
-1.41%
Yield
Corp High
28.97%
Yield
Corp High
11.13%
Yield
Corp High
2.74%
Yield
Corp High
11.85%
Yield
Corp High
1.87%
Yield
Corp High
-26.16%
Yield
Corp High
58.21%
Yield
Corp High
15.12%
Yield
Corp High
4.98%
Yield
Corp High
15.81%
Yield
Corp High
7.44%
Yield
Corp High
2.45%
Yield
Corp High
-4.47%
Yield
Corp High
17.13%
Gl Div
JPM EMBI
10.81%
Gl Div
JPM EMBI
-8.12%
Gl Div
JPM EMBI
19.56%
Gl Div
JPM EMBI
12.68%
Gl Div
JPM EMBI
9.70%
Gl Div
JPM EMBI
13.65%
Gl Div
JPM EMBI
22.21%
Gl Div
JPM EMBI
11.62%
Gl Div
JPM EMBI
10.25%
Gl Div
JPM EMBI
9.86%
Gl Div
JPM EMBI
6.15%
Gl Div
JPM EMBI
-12.03%
Gl Div
JPM EMBI
29.82%
Gl Div
JPM EMBI
12.24%
Gl Div
JPM EMBI
7.35%
Gl Div
JPM EMBI
17.44%
Gl Div
JPM EMBI
-5.24%
Gl Div
JPM EMBI
7.43%
Gl Div
JPM EMBI
1.18%
Gl Div
JPM EMBI
10.15%
Treasury
Long
15.08%
Treasury
Long
13.53%
Treasury
Long
-8.74%
Treasury
Long
20.27%
Treasury
Long
4.21%
Treasury
Long
16.79%
Treasury
Long
2.48%
Treasury
Long
7.70%
Treasury
Long
6.50%
Treasury
Long
1.85%
Treasury
Long
9.81%
Treasury
Long
24.03%
Treasury
Long
-12.92%
Treasury
Long
9.38%
Treasury
Long
29.93%
Treasury
Long
3.56%
Treasury
Long
-12.66%
Treasury
Long
25.07%
Treasury
Long
-1.21%
Treasury
Long
1.33%
(hdg)
Aggregate
Global
10.17%
(hdg)
Aggregate
Global
9.77%
(hdg)
Aggregate
Global
0.79%
(hdg)
Aggregate
Global
10.34%
(hdg)
Aggregate
Global
7.24%
(hdg)
Aggregate
Global
8.45%
(hdg)
Aggregate
Global
3.11%
(hdg)
Aggregate
Global
4.89%
(hdg)
Aggregate
Global
4.28%
(hdg)
Aggregate
Global
3.64%
(hdg)
Aggregate
Global
5.32%
(hdg)
Aggregate
Global
5.58%
(hdg)
Aggregate
Global
5.09%
(hdg)
Aggregate
Global
4.61%
(hdg)
Aggregate
Global
5.40%
(hdg)
Aggregate
Global
5.72%
(hdg)
Aggregate
Global
-0.14%
(hdg)
Aggregate
Global
7.59%
(hdg)
Aggregate
Global
1.02%
(hdg)
Aggregate
Global
3.95%
Long Credit
13.47%
Long Credit
9.04%
Long Credit
-5.78%
Long Credit
9.21%
Long Credit
12.16%
Long Credit
11.92%
Long Credit
10.43%
Long Credit
9.38%
Long Credit
3.76%
Long Credit
3.47%
Long Credit
3.60%
Long Credit
-3.92%
Long Credit
16.80%
Long Credit
10.69%
Long Credit
17.13%
Long Credit
12.73%
Long Credit
-6.62%
Long Credit
16.39%
Long Credit
-4.56%
Long Credit
10.22%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
All indices are Bloomberg Barclays unless otherwise indicated.
Knowledge. Experience. Integrity. 12 The Periodic Table Collection
Callan Periodic Table of Non-U.S. Fixed Investment Returns
Annual Returns for Non-U.S. Fixed Income Indices Ranked in Order of Performance (1997–2016)
(hdg)
Global Agg
Barclays
Bloomberg
10.17%
(hdg)
Global Agg
Barclays
Bloomberg
9.77%
(hdg)
Global Agg
Barclays
Bloomberg
0.79%
(hdg)
Global Agg
Barclays
Bloomberg
10.34%
(hdg)
Global Agg
Barclays
Bloomberg
7.24%
(hdg)
Global Agg
Barclays
Bloomberg
8.45%
(hdg)
Global Agg
Barclays
Bloomberg
3.11%
(hdg)
Global Agg
Barclays
Bloomberg
4.89%
(hdg)
Global Agg
Barclays
Bloomberg
4.28%
(hdg)
Global Agg
Barclays
Bloomberg
3.64%
(hdg)
Global Agg
Barclays
Bloomberg
5.32%
(hdg)
Global Agg
Barclays
Bloomberg
5.58%
(hdg)
Global Agg
Barclays
Bloomberg
5.09%
(hdg)
Global Agg
Barclays
Bloomberg
4.61%
(hdg)
Global Agg
Barclays
Bloomberg
5.40%
(hdg)
Global Agg
Barclays
Bloomberg
5.72%
(hdg)
Global Agg
Barclays
Bloomberg
-0.14%
(hdg)
Global Agg
Barclays
Bloomberg
7.59%
(hdg)
Global Agg
Barclays
Bloomberg
1.02%
(hdg)
Global Agg
Barclays
Bloomberg
3.95%
Yield
Global High
Barclays
Bloomberg
12.84%
Yield
Global High
Barclays
Bloomberg
-4.82%
Yield
Global High
Barclays
Bloomberg
10.43%
Yield
Global High
Barclays
Bloomberg
1.04%
Yield
Global High
Barclays
Bloomberg
2.26%
Yield
Global High
Barclays
Bloomberg
4.14%
Yield
Global High
Barclays
Bloomberg
32.42%
Yield
Global High
Barclays
Bloomberg
13.17%
Yield
Global High
Barclays
Bloomberg
3.59%
Yield
Global High
Barclays
Bloomberg
13.69%
Yield
Global High
Barclays
Bloomberg
3.16%
Yield
Global High
Barclays
Bloomberg
-26.88%
Yield
Global High
Barclays
Bloomberg
59.40%
Yield
Global High
Barclays
Bloomberg
14.82%
Yield
Global High
Barclays
Bloomberg
3.12%
Yield
Global High
Barclays
Bloomberg
19.60%
Yield
Global High
Barclays
Bloomberg
7.33%
Yield
Global High
Barclays
Bloomberg
0.01%
Yield
Global High
Barclays
Bloomberg
-2.72%
Yield
Global High
Barclays
Bloomberg
14.27%
ex US
Global Agg
Barclays
Bloomberg
-4.01%
ex US
Global Agg
Barclays
Bloomberg
18.44%
ex US
Global Agg
Barclays
Bloomberg
-8.83%
ex US
Global Agg
Barclays
Bloomberg
-3.91%
ex US
Global Agg
Barclays
Bloomberg
-3.75%
ex US
Global Agg
Barclays
Bloomberg
22.37%
ex US
Global Agg
Barclays
Bloomberg
19.36%
ex US
Global Agg
Barclays
Bloomberg
12.54%
ex US
Global Agg
Barclays
Bloomberg
-8.65%
ex US
Global Agg
Barclays
Bloomberg
8.16%
ex US
Global Agg
Barclays
Bloomberg
11.03%
ex US
Global Agg
Barclays
Bloomberg
4.39%
ex US
Global Agg
Barclays
Bloomberg
7.53%
ex US
Global Agg
Barclays
Bloomberg
4.95%
ex US
Global Agg
Barclays
Bloomberg
4.36%
ex US
Global Agg
Barclays
Bloomberg
4.09%
ex US
Global Agg
Barclays
Bloomberg
-3.08%
ex US
Global Agg
Barclays
Bloomberg
-3.09%
ex US
Global Agg
Barclays
Bloomberg
-6.02%
ex US
Global Agg
Barclays
Bloomberg
1.49%
Global Agg
Barclays
Bloomberg
3.79%
Global Agg
Barclays
Bloomberg
13.71%
Global Agg
Barclays
Bloomberg
-5.17%
Global Agg
Barclays
Bloomberg
3.18%
Global Agg
Barclays
Bloomberg
1.57%
Global Agg
Barclays
Bloomberg
16.53%
Global Agg
Barclays
Bloomberg
12.51%
Global Agg
Barclays
Bloomberg
9.27%
Global Agg
Barclays
Bloomberg
-4.49%
Global Agg
Barclays
Bloomberg
6.64%
Global Agg
Barclays
Bloomberg
9.48%
Global Agg
Barclays
Bloomberg
4.79%
Global Agg
Barclays
Bloomberg
6.93%
Global Agg
Barclays
Bloomberg
5.54%
Global Agg
Barclays
Bloomberg
5.64%
Global Agg
Barclays
Bloomberg
4.32%
Global Agg
Barclays
Bloomberg
-2.60%
Global Agg
Barclays
Bloomberg
0.59%
Global Agg
Barclays
Bloomberg
-3.15%
Global Agg
Barclays
Bloomberg
2.09%
Diversified
Global
JPM EMBI
10.81%
Diversified
Global
JPM EMBI
-8.12%
Diversified
Global
JPM EMBI
19.56%
Diversified
Global
JPM EMBI
12.68%
Diversified
Global
JPM EMBI
9.70%
Diversified
Global
JPM EMBI
13.65%
Diversified
Global
JPM EMBI
22.21%
Diversified
Global
JPM EMBI
11.62%
Diversified
Global
JPM EMBI
10.25%
Diversified
Global
JPM EMBI
9.86%
Diversified
Global
JPM EMBI
6.15%
Diversified
Global
JPM EMBI
-12.03%
Diversified
Global
JPM EMBI
29.82%
Diversified
Global
JPM EMBI
12.24%
Diversified
Global
JPM EMBI
7.35%
Diversified
Global
JPM EMBI
17.44%
Diversified
Global
JPM EMBI
-5.24%
Diversified
Global
JPM EMBI
7.43%
Diversified
Global
JPM EMBI
1.18%
Diversified
Global
JPM EMBI
10.15%
Diversified
EM Global
JPM GBI-
16.92%
Diversified
EM Global
JPM GBI-
22.97%
Diversified
EM Global
JPM GBI-
6.27%
Diversified
EM Global
JPM GBI-
15.22%
Diversified
EM Global
JPM GBI-
18.11%
Diversified
EM Global
JPM GBI-
-5.22%
Diversified
EM Global
JPM GBI-
21.98%
Diversified
EM Global
JPM GBI-
15.68%
Diversified
EM Global
JPM GBI-
-1.75%
Diversified
EM Global
JPM GBI-
16.76%
Diversified
EM Global
JPM GBI-
-8.98%
Diversified
EM Global
JPM GBI-
-5.72%
Diversified
EM Global
JPM GBI-
-14.92%
Diversified
EM Global
JPM GBI-
9.94%
EMBI
Corporate
JPM
15.64%
EMBI
Corporate
JPM
11.88%
EMBI
Corporate
JPM
9.77%
EMBI
Corporate
JPM
6.62%
EMBI
Corporate
JPM
6.63%
EMBI
Corporate
JPM
3.77%
EMBI
Corporate
JPM
-16.24%
EMBI
Corporate
JPM
41.73%
EMBI
Corporate
JPM
13.07%
EMBI
Corporate
JPM
3.49%
EMBI
Corporate
JPM
16.74%
EMBI
Corporate
JPM
-2.37%
EMBI
Corporate
JPM
4.14%
EMBI
Corporate
JPM
0.99%
EMBI
Corporate
JPM
11.11%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Knowledge. Experience. Integrity. 13 The Periodic Table Collection
Fund Index
CS Hedge
25.94%
Fund Index
CS Hedge
-0.36%
Fund Index
CS Hedge
23.43%
Fund Index
CS Hedge
4.85%
Fund Index
CS Hedge
4.42%
Fund Index
CS Hedge
3.04%
Fund Index
CS Hedge
15.44%
Fund Index
CS Hedge
9.64%
Fund Index
CS Hedge
7.61%
Fund Index
CS Hedge
13.86%
Fund Index
CS Hedge
12.56%
Fund Index
CS Hedge
-19.07%
Fund Index
CS Hedge
18.57%
Fund Index
CS Hedge
10.95%
Fund Index
CS Hedge
-2.52%
Fund Index
CS Hedge
7.67%
Fund Index
CS Hedge
9.73%
Fund Index
CS Hedge
4.13%
Fund Index
CS Hedge
-0.71%
Fund Index
CS Hedge
1.25%
Callan Periodic Table of Hedge Fund Strategy Returns
Annual Returns for Credit Suisse Hedge Fund Sub Strategies Ranked in Order of Performance (1997–2016)
Arb
Convertible
14.48%
Arb
Convertible
-4.41%
Arb
Convertible
16.04%
Arb
Convertible
25.64%
Arb
Convertible
14.58%
Arb
Convertible
4.05%
Arb
Convertible
12.90%
Arb
Convertible
1.98%
Arb
Convertible
-2.55%
Arb
Convertible
14.30%
Arb
Convertible
5.17%
Arb
Convertible
-31.59%
Arb
Convertible
47.35%
Arb
Convertible
10.95%
Arb
Convertible
1.13%
Arb
Convertible
7.82%
Arb
Convertible
6.03%
Arb
Convertible
-1.67%
Arb
Convertible
0.81%
Arb
Convertible
6.60%
Distressed
20.73%
Distressed
-1.68%
Distressed
22.18%
Distressed
1.95%
Distressed
20.01%
Distressed
-0.69%
Distressed
25.12%
Distressed
15.62%
Distressed
11.74%
Distressed
15.58%
Distressed
8.35%
Distressed
-20.48%
Distressed
20.95%
Distressed
10.27%
Distressed
-4.24%
Distressed
11.77%
Distressed
16.00%
Distressed
2.55%
Distressed
-5.30%
Distressed
6.38%
Income Arb
Fixed
9.34%
Income Arb
Fixed
-8.16%
Income Arb
Fixed
12.11%
Income Arb
Fixed
6.29%
Income Arb
Fixed
8.04%
Income Arb
Fixed
5.75%
Income Arb
Fixed
7.97%
Income Arb
Fixed
6.86%
Income Arb
Fixed
0.63%
Income Arb
Fixed
8.66%
Income Arb
Fixed
3.83%
Income Arb
Fixed
-28.82%
Income Arb
Fixed
27.41%
Income Arb
Fixed
12.51%
Income Arb
Fixed
4.69%
Income Arb
Fixed
11.04%
Income Arb
Fixed
3.80%
Income Arb
Fixed
4.37%
Income Arb
Fixed
0.59%
Income Arb
Fixed
4.29%
Macro
Global
37.11%
Macro
Global
-3.64%
Macro
Global
5.81%
Macro
Global
11.67%
Macro
Global
18.38%
Macro
Global
14.66%
Macro
Global
17.99%
Macro
Global
8.49%
Macro
Global
9.25%
Macro
Global
13.53%
Macro
Global
17.36%
Macro
Global
-4.62%
Macro
Global
11.55%
Macro
Global
13.47%
Macro
Global
6.44%
Macro
Global
4.58%
Macro
Global
4.32%
Macro
Global
3.11%
Macro
Global
0.17%
Macro
Global
3.58%
Equity
Long/Short
21.46%
Equity
Long/Short
17.18%
Equity
Long/Short
47.23%
Equity
Long/Short
2.08%
Equity
Long/Short
-3.65%
Equity
Long/Short
-1.60%
Equity
Long/Short
17.27%
Equity
Long/Short
11.56%
Equity
Long/Short
9.68%
Equity
Long/Short
14.38%
Equity
Long/Short
13.66%
Equity
Long/Short
-19.76%
Equity
Long/Short
19.47%
Equity
Long/Short
9.28%
Equity
Long/Short
-7.31%
Equity
Long/Short
8.21%
Equity
Long/Short
17.73%
Equity
Long/Short
5.54%
Equity
Long/Short
3.56%
Equity
Long/Short
-3.43%
Futures
Managed
3.12%
Futures
Managed
20.64%
Futures
Managed
-4.69%
Futures
Managed
4.24%
Futures
Managed
1.90%
Futures
Managed
18.33%
Futures
Managed
14.13%
Futures
Managed
5.96%
Futures
Managed
-0.11%
Futures
Managed
8.05%
Futures
Managed
6.01%
Futures
Managed
18.33%
Futures
Managed
-6.57%
Futures
Managed
12.22%
Futures
Managed
-4.19%
Futures
Managed
-2.93%
Futures
Managed
-2.56%
Futures
Managed
18.36%
Futures
Managed
-0.93%
Futures
Managed
-6.84%
Neutral Eq.
Market
14.83%
Neutral Eq.
Market
13.31%
Neutral Eq.
Market
15.33%
Neutral Eq.
Market
14.99%
Neutral Eq.
Market
9.31%
Neutral Eq.
Market
7.42%
Neutral Eq.
Market
7.07%
Neutral Eq.
Market
6.48%
Neutral Eq.
Market
6.14%
Neutral Eq.
Market
11.15%
Neutral Eq.
Market
9.27%
Neutral Eq.
Market
-40.32%
Neutral Eq.
Market
4.05%
Neutral Eq.
Market
-0.85%
Neutral Eq.
Market
4.49%
Neutral Eq.
Market
0.85%
Neutral Eq.
Market
9.27%
Neutral Eq.
Market
-1.20%
Neutral Eq.
Market
1.69%
Neutral Eq.
Market
-4.58%
Strategy
Multi
18.28%
Strategy
Multi
7.68%
Strategy
Multi
9.38%
Strategy
Multi
11.18%
Strategy
Multi
5.50%
Strategy
Multi
6.31%
Strategy
Multi
15.04%
Strategy
Multi
7.53%
Strategy
Multi
7.54%
Strategy
Multi
14.54%
Strategy
Multi
10.10%
Strategy
Multi
-23.63%
Strategy
Multi
24.62%
Strategy
Multi
9.29%
Strategy
Multi
1.83%
Strategy
Multi
11.19%
Strategy
Multi
11.23%
Strategy
Multi
6.09%
Strategy
Multi
3.84%
Strategy
Multi
4.41%
Risk Arb
9.84%
Risk Arb
5.58%
Risk Arb
13.23%
Risk Arb
14.69%
Risk Arb
5.68%
Risk Arb
-3.46%
Risk Arb
8.98%
Risk Arb
5.45%
Risk Arb
3.08%
Risk Arb
8.15%
Risk Arb
8.77%
Risk Arb
-3.27%
Risk Arb
12.00%
Risk Arb
3.17%
Risk Arb
0.80%
Risk Arb
2.82%
Risk Arb
4.92%
Risk Arb
-1.32%
Risk Arb
0.41%
Risk Arb
5.89%
Short Bias
0.42%
Short Bias
-6.00%
Short Bias
-14.22%
Short Bias
15.76%
Short Bias
-3.58%
Short Bias
18.14%
Short Bias
-32.59%
Short Bias
-7.72%
Short Bias
17.00%
Short Bias
-6.61%
Short Bias
6.04%
Short Bias
14.87%
Short Bias
-25.03%
Short Bias
-23.00%
Short Bias
3.85%
Short Bias
-20.39%
Short Bias
-24.94%
Short Bias
-5.61%
Short Bias
2.38%
Short Bias
-16.87%
Driven Multi
Event-
20.53%
Driven Multi
Event-
-8.98%
Driven Multi
Event-
23.00%
Driven Multi
Event-
11.84%
Driven Multi
Event-
6.79%
Driven Multi
Event-
1.22%
Driven Multi
Event-
17.19%
Driven Multi
Event-
14.04%
Driven Multi
Event-
7.21%
Driven Multi
Event-
16.38%
Driven Multi
Event-
16.82%
Driven Multi
Event-
-16.25%
Driven Multi
Event-
19.94%
Driven Multi
Event-
14.36%
Driven Multi
Event-
-11.96%
Driven Multi
Event-
10.14%
Driven Multi
Event-
15.28%
Driven Multi
Event-
1.14%
Driven Multi
Event-
-6.67%
Driven Multi
Event-
1.25%
Markets
Emerging
26.59%
Markets
Emerging
-37.66%
Markets
Emerging
44.82%
Markets
Emerging
-5.52%
Markets
Emerging
5.84%
Markets
Emerging
7.36%
Markets
Emerging
28.75%
Markets
Emerging
12.49%
Markets
Emerging
17.39%
Markets
Emerging
20.49%
Markets
Emerging
20.26%
Markets
Emerging
-30.41%
Markets
Emerging
30.03%
Markets
Emerging
11.34%
Markets
Emerging
-6.68%
Markets
Emerging
10.28%
Markets
Emerging
8.81%
Markets
Emerging
1.52%
Markets
Emerging
-0.22%
Markets
Emerging
4.47%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Knowledge. Experience. Integrity. 14 The Periodic Table Collection
Index Descriptions
Equity Indices
Russell 3000 Index measures the performance of the
largest 3,000 U.S. companies representing approximately
98% of the investable U.S. equity market. These securities
are traded on the NYSE, NYSE MKT, and NASDAQ.
Russell 2000 Index measures the performance of small
capitalization U.S. stocks. The Russell 2000 is a market-
value-weighted index of the 2,000 smallest stocks
(#1,001–3,000) in the broad-market Russell 3000 Index.
Russell Midcap Index measures the performance of
mid capitalization U.S. stocks and includes companies
#201–1,000 in the broad-market Russell 3000 Index.
Russell 2500 Index measures the performance of
small/mid capitalization U.S. stocks and includes the
smallest 2500 companies (#501–3,000) in the broad-
market Russell 3000 Index.
Russell 1000 Index measures the performance of large
capitalization U.S. stocks. The Russell 1000 is a market-
value-weighted index of the 1,000 largest stocks (#1–
1,000) in the broad-market Russell 3000 Index
S&P 1500 Index is designed to track the performance of
large, mid, and small cap U.S. equities and representing
approximately 91% of the available U.S. market cap and
includes the S&P 500 (large cap), S&P MidCap 400,
and the S&P SmallCap 600.
S&P 1000 Index measures the performance of
small/mid capitalization U.S. stocks and includes the
S&P SmallCap 600 and the S&P MidCap 400.
S&P 500 Index measures the performance of large
capitalization U.S. stocks. It is a market-value-weighted
index of 500 stocks that are traded on the NYSE, NYSE
MKT, and NASDAQ. The weightings make each
company’s influence on the Index performance directly
proportional to that company’s market value.
MSCI ACWI Index is a free float adjusted market
capitalization weighted index that is designed to
measure the equity market performance of 23
developed market countries and 23 emerging market
countries.
MSCI ACWI ex USA Index captures large and mid cap
representation across 22 of 23 developed market
countries (excluding the U.S.) and 23 Emerging market
countries covering approximately 85% of the global
equity opportunity set outside the U.S.
MSCI ACWI ex USA Small Cap Index captures small
cap representation across 22 of 23 developed market
countries (excluding the U.S.) and 23 emerging market
countries.
MSCI Emerging Markets Index is a free float adjusted
market capitalization index that is designed to measure
equity market performance of 23 emerging market
countries.
MSCI Europe Index is a free float adjusted market
capitalization weighted index that is designed to
measure the equity market performance of the 15
developed market country indies.
MSCI Japan Index is designed to measure the
performance of the large and mid cap segments of the
Japanese market and covers approximately 85% of the
free float-adjusted market capitalization in Japan.
MSCI Pacific Index is a free float adjusted market
capitalization weighted index that is designed to
measure the equity market performance of the
developed markets in the Pacific region (Australia, Hong
Kong, Japan, New Zealand, and Singapore).
MSCI Pacific ex Japan Index captures large and mid
cap representation across four of five developed market
countries in the Pacific region (excluding Japan) and
covers approximately 85% of the free float-adjusted
market capitalization in each country.
MSCI World Index is a free float adjusted market
capitalization weighted index that is designed to
measure the equity market performance of 23
developed market country indexes.
Knowledge. Experience. Integrity. 15 The Periodic Table Collection
Index Descriptions
Fixed Income Indices
Bloomberg Barclays Aggregate Index includes U.S.
government, corporate, and mortgage-backed securities
with maturities of at least one year.
Bloomberg Barclays Corporate High-Yield Index
measures the market of USD-denominated, non-
investment grade, fixed-rate, taxable corporate bonds.
Securities are classified as high yield if the middle rating
of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below,
excluding emerging market debt.
Bloomberg Barclays Global Aggregate Index is an
unmanaged index that is comprised of several other
Bloomberg Barclays indices that measure fixed income
performance of regions around the world; and
Bloomberg Barclays Global Aggregate (hedged)
hedges the currency back to the U.S. dollar.
Bloomberg Barclays Global Aggregate ex US Index
provides a broad-based measure of the global
investment-grade fixed income markets. The three major
components of this index are the U.S. Aggregate, the
Pan-European Aggregate, and the Asian-Pacific
Aggregate Indices. The index also includes Eurodollar
and Euro-Yen corporate bonds, Canadian government,
agency and corporate securities, and USD investment
grade 144A securities.
Bloomberg Barclays Global High Yield Index is an
unmanaged index that provides a broad-based measure of
global high yield fixed income markets and represents that
union of the U.S. High Yield, Pan-European High Yield,
U.S. Emerging Markets High Yield, CMBS High Yield, and
Pan-European Emerging Markets High Yield Indices.
Bloomberg Barclays Intermediate Credit Index is an
unmanaged index measuring the performance of
investment-grade corporate debt and agency bonds that
are dollar denominated and have a remaining maturity of
greater than one year and less than ten years.
Bloomberg Barclays Long Credit Index is an
unmanaged index measuring the performance of the
long-term sector of the U.S. investment bond market,
which as defined by the long credit index includes
investment-grade corporate debt and sovereign,
supranational, local authority and non-U.S. agency
bonds that are dollar denominated and have a remaining
maturity of greater than or equal to 10 years.
Bloomberg Barclays Long Treasury Index is an
unmanaged index that includes all publicly issued U.S.
Treasury securities that have ;a remaining maturity of 10
or more years, are rated investment grade, and have a
$250 million or more of outstanding face value.
Bloomberg Barclays Government/Credit 1-3 Year
Index is an unmanaged index which is a component of
the U.S. Government/Credit Bond Index, which includes
Treasury and agency securities (U.S. Government Bond
Index) and publicly issued U.S. corporate and foreign
debentures and secured notes (U.S. Credit Bond Index)
the bonds in the index are investment-grade with
maturity between one and three years.
Bloomberg Barclays U.S. TIPS Index consists of
inflation-protection securities issued by the U.S.
Treasury and must have at least one year until final
maturity and at least $250 million par amount
outstanding. They must be fixed rate, dollar
denominated, and non-convertible.
Credit Suisse Leveraged Loan Index is designed to
mirror the investable universe of the U.S.-denominated
leveraged loan market.
J.P. Morgan Corporate Emerging Markets Bond
Index (CEMBI) is a market capitalization weighted index
consisting of U.S. dollar denominated emerging market
corporate bonds.
J.P. Morgan Emerging Markets Bond Index Global
Diversified Index (EMBI Global Diversified) tracks
total returns for U.S. dollar-denominated debt
instruments issued by emerging market sovereign and
quasi-sovereign entities: Brady bonds, loans,
Eurobonds. The index limits the exposure of some of the
larger countries.
J.P. Morgan GBI-EM Global Diversified Index tracks
the performance of local currency debt issued by
emerging market governments, whose debt is
accessible by most of the international investor base.
The U.S. Treasury Index is a component of the U.S.
Government index.
Knowledge. Experience. Integrity. 16 The Periodic Table Collection
Index Descriptions
Real Estate and Other/Alternative Indices
Real Estate Indices
The FTSE EPRA/NAREIT Developed REIT Index is
designed to measure the stock performance of
companies engaged in specific real estate activities of
the North American, European and Asian real estate
markets. Relevant real estate activities are defined as
the ownership, trading and development of income-
producing real estate.
NAREIT Equity Index measures the performance of
real estate investment trusts (REITs) stocks traded on
the NYSE, NYSE MKT, and NASDAQ.
NFI-ODCE, short for NCREIF Fund Index - Open End
Diversified Core Equity, represents historical and current
returns for 30 open-end commingled funds pursuing a
core investment strategy. It is capitalization-weighted
and reported gross of fees.
NCREIF Farmland Index is a quarterly time series
composite return measure of investment performance of
a large pool of individual farmland properties acquired in
the private market for investment purposes only.
All properties in the Farmland Index have been
acquired, at least in part, on behalf of tax-exempt
institutional investors - the great majority being pension
funds. As such, all properties are held in a fiduciary
environment.
NCREIF Property Index (NPI) measures the
performance of a very large pool of individual
commercial real estate properties acquired in the private
market for investment purposes only. All properties in
the NPI have been acquired, at least in part, on behalf of
tax-exempt institutional investors—the great majority
being pension funds. We present both standard
(unleveraged) and leveraged versions for comparison.
NCREIF Timberland Index is a quarterly time series
composite return measure of investment performance of
a large pool of individual timber properties acquired in
the private market for investment purposes only.
All properties in the Timberland Index have been
acquired, at least in part, on behalf of tax-exempt
institutional investors - the great majority being pension
funds. As such, all properties are held in a fiduciary
environment.
Other/Alternative Indices
Alerian MLP Index is a gauge of energy Master Limited
Partnerships (MLPs). The float-adjusted, capitalization-
weighted index, whose constituents represent
approximately 85% of total float-adjusted market
capitalization, is disseminated real-time on a price-return
basis (AMZ) and on a total-return basis (AMZX).
The Consumer Price Index (CPI), an inflation index
produced by the Bureau of Labor Statistics, measures
the average change over time in the prices paid by
urban consumers for a market basket of consumer
goods and services.
Bloomberg Commodity Index (formerly DJ UBS
Commodity Index) is a broadly diversified index
composed of futures contracts on physical commodities
traded on U.S. exchanges. It allows investors to track
commodity futures through a single, simple measure.
Cambridge Private Equity Index is an end-to-end
calculation based on data compiled from 1,199 U.S.
private equity funds (buyout, growth equity, private
equity energy and mezzanine funds), including fully
liquidated partnerships, formed between 1986 and 2014.
Pooled end-to-end return, net of fees, expenses, and
carried interest.
Dow Jones Brookfield (DJB) Global Infrastructure
Index intends to measure the stock performance of
pure-play infrastructure companies domiciled globally.
The index covers all sectors of the infrastructure market
required to have more than 70% of cash flows derived
from infrastructure lines of business; must be domiciled
in a country with a liquid listing and must meet minimum
requirements for float-adjusted market capitalization and
trading volume. The index is weighted by float-adjusted
market capitalization.
Knowledge. Experience. Integrity. 17 The Periodic Table Collection
Index Descriptions Credit Suisse Hedge Fund Index and Sub Strategies
Credit Suisse Hedge Fund Index is an asset-weighted
benchmark that measures hedge fund performance and
seeks to provide the most accurate representation of the
hedge fund universe.
Credit Suisse Hedge Fund Index Sub Strategies
Market Neutral Equity – Funds that are typically long
common stock of one company and short the equivalent
dollar amount of another company or share class of the
same company, based on underlying fundamental
and/or technical factors.
Convertible Arbitrage – Funds that are typically long
convertibles and short underlying stock, often benefiting
from a positive carry (i.e., extra yield of the coupon
income over the dividend expense).
Emerging Markets – Funds that typically invest in
currencies, debt instruments, equities and other
instruments of countries with “emerging” or developing
markets (typically measured by GDP per capita). Such
countries are considered to be in a transitional phase
between developing and developed status. Examples of
emerging markets include China, India, Latin America,
much of Southeast Asia, parts of Eastern Europe, and
parts of Africa. The index has a number of subsectors,
including arbitrage, credit and event driven, fixed income
bias, and equity bias.
Fixed Income Arbitrage – Funds that are long fixed
income securities offering excess returns from credit
risk, prepayment risk, illiquidity risk, or capital structure
risk (i.e., senior vs. junior debt) and short Treasuries or
other similar overvalued securities.
Distressed – Funds that invest in defaulted bonds, bank
loans, or other debt issues of companies in various
stages of bankruptcy or financial distress.
Risk Arbitrage – Funds that are typically long stocks of
targeted takeover candidates and short stocks of the
acquiring company, in order to capture time premium
that accrues to the date of a completed acquisition.
Long/Short Equity – Bottom-up stock-pickers that are
long undervalued stocks and short overvalued stocks,
with top-down views expressed with a net long or short
bias. This group historically has had a net long, however
variable, bias.
Short Bias – Bottom-up stock-pickers with a
strategically net short bias, profiting from declining stock
prices of companies suffering from fraud or deteriorating
financial condition.
Global Macro – Top-down asset allocators investing
across liquid markets of stocks, bonds, currencies, and
commodities, profiting from structural imbalances or
inefficiencies caused by central banks, governments,
and other market participants.
Managed Futures – Often using trend-following
techniques, these funds buy and sell liquid futures on
physical commodities, interest rate, fixed income, and
equity markets, typically profiting from momentum and
other predictable price patterns.
Event-Driven Multi – Funds that typically invest in a
combination of event-driven equities and credit,
including special situations and value equities with hard
or soft catalysts, taking advantage of shifts in economic
cycles.
Multi-Strategy – Funds that typically allocate capital
opportunistically across various hedge fund strategies
including, but not limited to, convertible bond arbitrage,
market neutral equity, fixed income arbitrage, and risk
arbitrage
Corporate Headquarters
Callan
600 Montgomery Street, Suite 800
San Francisco, CA 94111
1.800.227.3288
1.415.974.5060
www.callan.com
Denver
1.855.864.3377
New Jersey
1.800.274.5878
Callan Associates
Regional Offices
Atlanta
1.800.522.9782
Chicago
1.800.999.3536
@CallanAssoc
