Research - OCTOBER 22, 2014

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SBCERA changes benchmark

by Reg Clodfelter

The $8.1 billion San Bernardino County (Calif.) Employees’ Retirement Association has moved to eliminate any value-add/opportunistic distinctions in its real estate investment objectives, policies and procedures document, and made a corresponding move to switch its real estate benchmark to the NCREIF Property Index for its entire real estate portfolio.

Previously, the pension system benchmarked its core portfolio to the NFI Open-End Diversified Core Equity index, its value-add portfolio to the NFI Open End Value Added funds group and its opportunistic portfolio to NCREIF Vintage Year Peer Performance using NFI Vintage Periods.

“The choice of benchmark illustrates the type of question you are trying to answer — manager performance, manager selection, or policy implementation,” explains Don Pierce, chief investment officer with SBCERA. “At SBCERA our focus is on policy implementation. Because this is a policy level benchma

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