Investments
International Equities
Allocation
22.2%
Annual return
16.22%
Exposure
$2.0 B
Benchmark
14.53%
2024 performance
The International Equities portfolio returned 16.22% compared to its benchmark return of 14.53%.
The portfolio’s outperformance was due to the Fund’s overweight exposure to emerging markets, which outperformed EAFE and the strong performance from Jennison.
Investment approach
Our International Equities portfolio uses a multi-manager approach diversified across regions and investment styles. Our benchmark is roughly 72% developed markets and 28% emerging markets. We have three managers focused on Developed Markets, one manager for Asia Pacific, and one manager for Emerging Markets. In terms of style, we aim to have large cap exposure and an even split across value, core, and growth.
Capital allocation
Total investments in International Equities increased to $2.02 billion at the end of 2024, up from $1.84 billion in 2023. Total fund allocation to International Equities was 22.2% at the end of 2024 compared to 22.6% at the end of 2023. This is also slightly under CSSF’s target allocation to International Equities at 23%.
Investments in Emerging Markets represents 31.87% of International holdings compared to 27.90% for the benchmark.
International Equities
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Allocation
22.2%
Annual return
16.22%
Exposure
$2.0 B
Benchmark
14.53%
2024 performance
The International Equities portfolio returned 16.22% compared to its benchmark return of 14.53%.
The portfolio’s outperformance was due to the Fund’s overweight exposure to emerging markets, which outperformed EAFE and the strong performance from Jennison.
Investment approach
Our International Equities portfolio uses a multi-manager approach diversified across regions and investment styles. Our benchmark is roughly 72% developed markets and 28% emerging markets. We have three managers focused on Developed Markets, one manager for Asia Pacific, and one manager for Emerging Markets. In terms of style, we aim to have large cap exposure and an even split across value, core, and growth.
Capital allocation
Total investments in International Equities increased to $2.02 billion at the end of 2024, up from $1.84 billion in 2023. Total fund allocation to International Equities was 22.2% at the end of 2024 compared to 22.6% at the end of 2023. This is also slightly under CSSF’s target allocation to International Equities at 23%.
Investments in Emerging Markets represents 31.87% of International holdings compared to 27.90% for the benchmark.