Investment Performance

Cook County Fund Summary

Asset Allocation

The Cook County Fund ended June with a market value of $16.1 billion, an increase of approximately $1.3 billion from the prior quarter ending value of $14.8 billion. Investment gains totaled $1.4 billion for the quarter, and the Fund experienced net withdrawals of $116.1 million.

 

Performance

In the second quarter of 2026, the portfolio returned 9.54% net of fees, outperforming its benchmark return of 8.20% and ranking in the top quartile of its peer group. Domestic Equity and International Equity generated strong absolute returns and performed above the benchmark returns. Fixed Income outperformed the benchmark return. Private Real Estate and Hedge Funds (HFRI FoF Index) underperformed their benchmark returns while Infrastructure outperformed. Private Equity returned -1.95% for the quarter and Private Credit was flat, returning 0.00%.

The portfolio outperformed its custom benchmark in the last year with a net return of 17.24%. The portfolio led its custom benchmark over the last five-year period with an annualized net of fee return of 7.37%. The Fund outperformed its benchmark over the trailing ten-year period with a net return of 9.44%. Over the longer period, Domestic Equity and Private Equity contributed double-digit returns.                                                                   

 

 

The following table shows asset class performance over trailing periods:

 

Domestic Equity – Domestic Equity returned +15.92% for the quarter versus the benchmark return     (+15.43%).  Over the last year, Domestic Equity returned +25.67%, performing above the benchmark return (+22.81%). Domestic Equity has slightly underperformed the benchmark over the three- and ten-year periods, and has slightly overperformed in the five-year period.

International Equity – International Equity returned +15.74% for the quarter and outperforming the benchmark return (+13.82%).  Over the last year, International Equity returned +26.94%, outperformed the benchmark return (+26.56%). Over longer periods, International Equity has underperformed the benchmark.

Fixed Income – Fixed Income returned +0.83% for the quarter and outperformed the benchmark return (+0.65%). Over the last year, Fixed Income returned +3.95 %, outperformed the benchmark (+3.73%). The composite has outperformed the benchmark over the three-year and ten-year periods.

REITS – REITS returned +11.40% during the quarter and underperformed the benchmark return (+12.43%). Over the last year, REITS returned +20.28%, underperforming the benchmark return (+21.53%). REITS outperformed the benchmark return over the last five- and ten-year periods. 

Private Real Estate – Private Real Estate returned +1.01% for the quarter and underperformed the benchmark return (+1.28%). Over the last year, Private Real Estate had a return of +3.85% and performed above the benchmark return (+3.59%). The allocation has outperformed the benchmark over longer periods.

Hedge Funds – Hedge Funds returned +3.78% for the quarter, below the benchmark return (+4.16%). Over the last year, Hedge Funds returned +11.54% and underperformed the (HFRI FoF) benchmark (+16.98%). The allocation outperformed its benchmark over the longer periods.  

Private Equity – Private Equity returned -1.95% for the quarter and added a return of +3.26% for the past year. Over the 10-year period, the allocation generated significant double-digit returns.

Infrastructure – Infrastructure returned +2.73% for the quarter and outperformed the benchmark return (+2.03%). Over the last year, Infrastructure (+10.61%) underperformed the benchmark return (+15.70%).

 

  • Investment gains totaled $1.4 billion from the previous quarter end.
  • There were net withdrawals of $116.1 million for the second quarter.

 

 

Forest Preserve Fund Summary

Asset Allocation

The Forest Preserve Fund ended June 2026 with a market value of $246.6 million, a $20.6 million increase from the prior quarter ending with a value of $226.0 million.  Investment gains amounted to approximately $21.1 million for the quarter. Net cash outflows were approximately $0.5 million

 

 

Performance

 

 

In the second quarter of 2026, the portfolio returned 9.28% net of fees (NOF), performing above its benchmark return of 8.98% and ranking above its median peer group.  Domestic Equity and International Equity outperformed its benchmark returns. Fixed Income was in-line with the benchmark return. Real Estate and Hedge Funds underperformed their benchmark returns. Private Equity and Private Credit returned 0.00% for the quarter.

 

The following table shows asset class performance over trailing periods:

 

 

 

Domestic Equity – Domestic Equity returned +15.71% for the quarter and outperformed the benchmark return (+15.43%). Over the last year, Domestic Equity returned +24.44% and outperformed the benchmark (+22.81%). Domestic Equity has modestly underperformed over longer periods. 


International Equity – International Equity returned +16.08% for the quarter and outperformed the benchmark return (+14.49%). Over the last year, International Equity finished with a return of +26.22% and underperformed the benchmark (+27.66%).  International Equity underperformed the benchmark over the three-year period and was in-line with the benchmark over the five- and ten-year periods.


Fixed Income – Fixed Income returned +0.62% in the quarter and was in-line with the benchmark return (+0.65%).  Over the last year, Fixed Income returned +3.66% and modestly underperformed the benchmark return (+3.73%). The allocation has outperformed the benchmark over the five-year and ten-year periods. 

Real Estate – Real Estate returned +0.92% for the quarter, underperforming the benchmark return (+1.28%). Over the last year, Real Estate returned +4.21% and outperformed the benchmark return (+3.59%). Real Estate underperformed the benchmark over the three-year period and outperformed the benchmark over the trailing five- and ten-year periods.

Private Equity – Private equity returned 0.00% for the quarter and added +19.01% over the last year.  Private equity was initially funded in the first quarter of 2025.


Hedge Funds – Hedge Funds returned +3.95% in the quarter and underperformed the benchmark (HFRI) return (+4.16%). Over the last year, Hedge Funds returned +12.19% and underperformed the target return (+16.98%). The allocation outperformed its benchmark (HFRI FoF Index) across long-term periods.

Private Credit – Private Credit returned +0.0% in the quarter and added a +0.06% return over the last year. Initial funding occurred in the third quarter of 2025.

 

  • Investment gains totaled $21.1 million from the previous quarter end.
  • There were net outflows of $0.5 million in the quarter to fund benefit payments.