Investment Performance
Cook County Fund Summary
Asset Allocation
The Cook County Fund ended June with a market value of $14.2 billion, a $808.9 million increase from the prior quarter ending value of $13.4 billion. Investment gains totaled $959 million for the quarter and the Fund experienced net withdrawals of $157 million.

Performance
In the second quarter of 2025, the portfolio returned 7.16% net of fees, outperforming its benchmark return of 6.8% and ranking above its peer group median. Domestic Equity and International equity have had strong absolute returns, in line with benchmark returns. Fixed income, REITS and Hedge Funds outperformed their benchmark return and the returns for private equity have increased from the previous quarter. Infrastructure underperformed its benchmark.
The portfolio lagged its custom benchmark in the last year with a net return of 10.91%. The portfolio led its custom benchmark over the last five-year period with an annualized net of fee return of 9.36%. Over this longer period, private equity and domestic equity have contributed double-digit returns. The Fund very modestly lagged its benchmark over the trailing ten-year period with a net return of 7.66%

The following table shows asset class performance over trailing periods:

Domestic Equity – Domestic Equity returned 10.92% for the quarter versus the benchmark return of 10.99%. Over the last year, Domestic Equity (13.54%) underperformed the benchmark return (15.30%).Domestic Equity has slightly underperformed the benchmark over longer periods.
International Equity – International Equity returned 12.70% for the quarter and trailed the benchmark return of 12.71%. Over the last year, International Equity (16.53%) lagged the benchmark return (17.83%). Over longer periods, International Equity has modestly underperformed the benchmark.
Fixed Income – Fixed Income returned 1.40% for the quarter and outperformed the benchmark return of 1.21%. Over the last year, Fixed Income (6.22%) outperformed the benchmark (6.07%). The composite has outperformed the benchmark over the five-year period and matched the benchmark over ten-year period.
REITS – REITS returned -0.95% during the quarter and slightly outperformed with the benchmark return of -1.16%. Over the last year, REITS (9.87%) outperformed the benchmark return (8.60%). REITS outperformed the benchmark return over the last five- and ten-year periods.
Private Real Estate – Private Real Estate returned 0.38% for the quarter and underperformed the benchmark return of 0.81%. Over the last year, Private Real Estate (-0.04%) trailed the benchmark return (2.67%). The allocation has outperformed the benchmark over longer periods.
Hedge Funds – Hedge Funds returned 2.24% for the quarter, above the benchmark return of 2.06%. Over the last year, Hedge Funds (9.92%) outperformed the benchmark (9.03%). The allocation outperformed its benchmark over five-year periods and underperformed across ten-year periods.
Private Equity – Private Equity returned 2.03% for the quarter and added a 5.90% return for the past year. Over the 5- and 10-year periods, the allocation generated significant double-digit returns.
Infrastructure – Infrastructure returned 2.19% for the quarter and underperformed the benchmark return of 3.82%. Over the last year, Infrastructure (18.01%) underperformed the benchmark return (18.61%).

- Investment gains totaled $959 million from the previous quarter end.
- There were net withdrawals of $157 million for the second quarter.
For additional discussion, click here to view Callan’s second quarter summary.
Forest Preserve Fund Summary
Asset Allocation
The Forest Preserve Fund ended June 2025 with a market value of $216.1 million, a $10.2 million increase from the prior quarter ending value of $205.9 million. Investment gains amounted to $15 million for the quarter. Net cash outflows were $4.9 million.

Performance
In the second quarter of 2025, the portfolio returned 7.41% net of fees (NOF), slightly overperforming its benchmark return of 7.11% and ranking at the 33rd percentile among peers. Domestic equity improved in the quarter but was behind the benchmark return. International equity had a strong return for the quarter, but exceeded the benchmark return. Fixed income increased in the quarter and slightly outperformed the benchmark return. Real estate outperformed the benchmark return and had a increase in the quarter. Hedge Funds outperformed the benchmark (HFRI FoF Index).

The following table shows asset class performance over trailing periods:
Domestic Equity – Domestic Equity had an increase of 10.26% for the quarter and underperformed the benchmark return of 10.99%. Over the last year, Domestic Equity returned 12.65% and underperformed the benchmark (15.30%). Domestic Equity has modestly underperformed over longer periods.
International Equity – International Equity returned 13.70% for the quarter and outperformed the benchmark return of 12.03%. Over the last year, International Equity finished with a return of 16.45% and underperformed the benchmark (17.72%). International Equity outperformed the benchmark over the three, five and ten year periods.
Fixed Income – Fixed Income returned 1.24% in the quarter and slightly outperformed the benchmark return of 1.24%. Over the last year, Fixed Income returned 6.11% and narrowly outperformed the benchmark return (6.07%). The allocation has outperformed the benchmark over longer periods.
Real Estate – Real Estate returned 1.25% for the quarter, exceeding the benchmark return of 0.81%. Over the last year, Real Estate increased 2.39% and underperformed the benchmark return (2,67%). Real Estate outperformed the benchmark over the trailing three and ten-year period, underperformed over five-year period.
Hedge Funds – Hedge Funds returned 1.85% in the quarter and outperformed the benchmark (HFRI) return of 0.35%. Over the last year, Hedge Funds returned 9.03% and outperformed the target return (5.61%). The allocation outperformed its benchmark (HFRI FoF Index) across long-term periods.

- Investment gains totaled $15 million from the previous quarter end.
- There were net withdrawals of $4.9 million in the quarter to fund benefit payments.
For additional discussion, click here to view Callan’s second quarter summary.