16 Rochester’s portfolio is divided into 38% traditional publicly traded assets—stocks and bonds—and 62% non-publicly traded investments, such as private equity, hedge funds, and real estate, referred to as “alternative investments.” This approach has ensured growth during economic expansions and capital preservation in economic downturns, with volatility far below the benchmark. Major asset classes generated the following performances in fiscal year 2023 (net of fees): ASSET ALLOCATION as of June 30, 2023 ASSET ALLOCATION AND RETURN Publicly traded equity generated a net return of 17.1% compared to 16.5% for the global stock benchmark. Opportunistic funds returned 18.6% and international equity returned 16.2%. Alternative investments generated a net return of 2.0%. Hedge funds returned 7.8%, private equity funds returned -0.4%, and real asset funds returned 2.1%. Bonds and cash returned 2.4% compared to the 0.5% return for the bond/cash benchmark. 3.7% Fixed Income 1.3% Real Estate 11.4% Buyouts 17.0% Venture 1.7% Distressed 27.4% Hedge 19.1% International Equity 11.3% Opportunistic Equity 0.8% Mining & Commodities 0.2% Agriculture 1.9% Energy 4.3% Cash
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