In 2018, the net investment return was 2.3%. This return did not achieve our absolute benchmark of 7.3%, because of the negative 8.3% return from public equity. However, our investment teams delivered positive growth, preserving capital and protecting members’ retirement savings, at a time when major equity, credit, bond and commodity indices were down.
Infrastructure, private equity and real estate extended their long track record of strong returns, which, along with positive returns in our fixed-income portfolio, buffered the impact of drawdowns in equity markets.
Our one-year and long-term track records are as follows: