Investment Performance
Cook County Fund Summary
Asset Allocation
The Cook County Fund ended March with a market value of $13.4 billion, a $88 million decrease from the prior quarter ending value of $13.5 billion. Investment losses totaled $29.5 million for the quarter and the Fund experienced net withdrawals of $58.7 million.
Performance
In the first quarter of 2025, the portfolio returned -0.27% net of fees, underperforming its benchmark return of 0.37% and ranking slightly below its peer group median. International equity, fixed income, and infrastructure have had strong absolute returns, but lagged benchmark returns. REITS outperformed its benchmark return and the returns for private equity have increased from the previous quarter.
The portfolio lagged its custom benchmark in the last year with a net return of 4.58%. The portfolio led its custom benchmark over the last five-year period with an annualized net of fee return of 10.06%. 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 6.91%.
The following table shows asset class performance over trailing periods:
Domestic Equity – Domestic Equity returned -5.41% for the quarter versus the benchmark return of -4.72%. Over the last year, Domestic Equity (4.85%) underperformed the benchmark return (7.22%).Domestic Equity has modestly underperformed the benchmark over longer periods.
International Equity – International Equity returned 4.32% for the quarter and trailed the benchmark return of 4.59%. Over the last year, International Equity (5.11%) lagged the benchmark return (5.50%). Over longer periods, International Equity has modestly trailed the benchmark.
Fixed Income – Fixed Income returned 2.63% for the quarter and performed nearly in line with the benchmark return of 2.67%. Over the last year, Fixed Income (5.11%) outperformed the benchmark (4.95%). The composite has outperformed the benchmark over the five- and ten-year periods.
REITS – REITS returned 0.92% during the quarter and performed in line with the benchmark return of 0.91%. Over the last year, REITS (10.32%) outperformed the benchmark return (9.94%). REITS outperformed the benchmark return over the last five- and ten-year periods.
Private Real Estate – Private Real Estate returned -0.21% for the quarter and underperformed the benchmark return of 0.85%. Over the last year, Private Real Estate (-2.84%) trailed the benchmark return (1.17%). The allocation has outperformed the benchmark over longer periods.
Hedge Funds – Hedge Funds returned 1.79% for the quarter, lagging the benchmark return of 2.09%. Over the last year, Hedge Funds (10.67%) outperformed the benchmark (9.29%). The allocation trails its benchmark across long-term periods.
Private Equity – Private Equity returned 1.73% for the quarter and added a 4.43% return for the past year. Over the 5- and 10-year periods, the allocation generated significant double-digit returns.
Infrastructure – Infrastructure returned 2.31% for the quarter and underperformed the benchmark return of 5.78%. Over the last year, Infrastructure (15.47%) outperformed the benchmark return (14.82%).
- Investment losses totaled $29.5 million from the previous quarter end.
- There were net withdrawals of $58.7 million for the second quarter.
For additional discussion, click here to view Callan’s first quarter summary.
Forest Preserve Fund Summary
Asset Allocation
The Forest Preserve Fund ended March 2025 with a market value of $205.9 million, a $3.1 million decrease from the prior quarter ending value of $209.0 million. Investment losses amounted to $3.0 million for the quarter. Net cash outflows were $0.5 million.
Performance
In the first quarter of 2025, the portfolio returned -0.08% net of fees (NOF), underperforming its benchmark return of 0.37% and ranking at the 74th percentile among peers. Domestic equity declined in the quarter and was behind the benchmark return. International equity had a strong return for the quarter, but trailed the benchmark return. Fixed income increased in the quarter and outperformed the benchmark return. Real estate underperformed the benchmark return and had a decrease 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 a decline of -5.46% for the quarter and underperformed the benchmark return of -4.72%. Over the last year, Domestic Equity returned 4.24% and underperformed the benchmark (7.22%). Domestic Equity has modestly underperformed over longer periods.
International Equity – International Equity returned 4.62% for the quarter and trailed the benchmark return of 5.23%. Over the last year, International Equity finished with a return of 2.05% and underperformed the benchmark (6.09%). International Equity trailed the benchmark over the three- and five-year periods but outperformed the benchmark over the ten-year period.
Fixed Income – Fixed Income returned 2.71% in the quarter and outperformed the benchmark return of 2.67%. Over the last year, Fixed Income returned 4.91% and narrowly trailed the benchmark return (4.95%). The allocation has outperformed the benchmark over longer periods.
Real Estate – Real Estate returned 0.28% for the quarter, lagging the benchmark return of 0.85%. Over the last year, Real Estate declined -2.24% and underperformed the benchmark return (1.17%). Real Estate outperformed the benchmark over the trailing three- and five-year periods.
Hedge Funds – Hedge Funds returned 1.41% in the quarter and underperformed the benchmark return of 2.09%. Over the last year, Hedge Funds returned 10.08% and outperformed the target return (9.29%). The allocation outperformed its benchmark (HFRI FoF Index) across long-term periods.
- Investment losses totaled $3.0 million from the previous quarter end.
- There were net withdrawals of $0.5 million in the quarter to fund benefit payments.
For additional discussion, click here to view Callan’s first quarter summary.