Cook County Fund Summary

Asset Allocation

The Cook County Fund ended March with a market value of $14.8 billion, a decrease of approximately $159 million from the prior quarter ending value of $14.9 billion. Investment losses totaled $111.9 million for the quarter and the Fund experienced net withdrawals of $46.7 million.

Performance

​In the first quarter of 2026, the portfolio returned -0.81% net of fees, outperforming its benchmark return of -0.94% but ranking slightly below to its peer group median. Domestic equity continued to generate strong absolute returns and performed above its benchmark return. International Equity generated good returns and performed above its benchmark returns. Fixed income had returns in line with the benchmark. Private real estate, hedge funds and infrastructure underperformed their benchmark return. Private equity had a return of 1.22%

The portfolio outperformed its custom benchmark in the last year with a net return of 14.69%. The portfolio led its custom benchmark over the last five-year period with an annualized net of fee return of 6.76%. Over the longer period, domestic equity and private equity contributed double digit returns. The Fund outperformed its benchmark over the trailing ten-year period with a net return of 8.63%. 

The following table shows asset class performance over trailing periods:

Forest Preserve Fund Summary

Asset Allocation

The Forest Preserve Fund ended March 2026 with a market value of $226 million, a $3.9 million increase from the prior quarter ending with a value of $222.1 million. Investment losses amounted to approximately $2.4 million for the quarter. Net cash inflows were approximately $6.3 million. 

Performance

In the first quarter of 2026, the portfolio returned -1.02% net of fees (NOF), performing above its benchmark return of -1.29% but ranking above its median peer group. Domestic Equity and International Equity outperformed its benchmark return its benchmark return. Fixed income was in-line with the benchmark return. Real estate and Hedge funds underperformed the benchmark return. Private Equity returned 0.00% for the quarter. 

The following table shows asset class performance over trailing periods: 

Domestic Equity – Domestic Equity returned -2.92% for the quarter and outperformed the benchmark return (-3.96%). Over the last year, Domestic Equity returned +18.57% and outperformed the benchmark (+18.09%). Domestic Equity has modestly underperformed over longer periods. 

International Equity – International Equity returned -0.45% for the quarter and outperformed the benchmark return (-0.71%). Over the last year, International Equity finished with a return of +23.63% and underperformed the benchmark (+24.91%). International Equity underperformed the benchmark over the three-year, five-year periods and ten-year period. 

Fixed Income – Fixed Income returned -0.01% in the quarter and was in-line with the benchmark return (-0.02%). Over the last year, Fixed Income returned +4.31% in line with the benchmark return (+4.31%). The allocation has outperformed the benchmark over the five-year and ten-year periods.

Real Estate – Real Estate returned +0.16% for the quarter, underperforming the benchmark return (+1.04%). Over the last year, Real Estate returned +4.55% and outperformed the benchmark return (+3.11%). 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 +1.31% in the quarter and underperformed the benchmark (HFRI) return (+4.20%). Over the last year, Hedge Funds returned +9.92% and underperformed the target return (+12.79%). The allocation outperformed its benchmark (HFRI FoF Index) across long term periods. 

Private Credit – Private Credit returned +0.0% in the quarter. Initial funding occurred in the third quarter of 2025.  

• Investment losses totaled $2.4 million from the previous quarter end.

• There were net inflows of $6.3 million in the quarter to fund benefit payments. 

For additional discussion, click here to view Callan's first quarter summary.