Investments
International equities
Allocation
23.5%
Annual return
19.38%
Exposure
$2.29 B
Benchmark
25.82%
2025 performance
The international equities portfolio returned 19.38% compared to its benchmark return of 25.82%. The main detractors from an allocation perspective were our overweight growth relative to value (value outperformed growth by 21%) and underweight emerging markets relative to developed markets. Additionally, all our international managers except for one underperformed their respective benchmarks.
Investment approach
Our international equities investment holdings are managed by multiple external managers diversified across regions and investment styles. Our benchmark is roughly 67% developed markets and 33% emerging markets.
We have three managers focused on developed markets, one manager investing in Asia Pacific, and one manager investing in emerging markets. We allocate primarily to large- and mid-cap mandates with exposure across value, core, and growth investment styles.
Capital allocation
As of year-end 2025, the Fund remains slightly overweight in international equities. Our current allocation is 23.5% while our policy benchmark is 23.0%.
The portfolio allocations remain overweight Asian equities and underweight emerging markets relative to the benchmark. From a style perspective, the portfolio remains overweight growth relative to value.
International equities
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Allocation
23.5%
Annual return
19.38%
Exposure
$2.29 B
Benchmark
25.82%
2025 performance
The international equities portfolio returned 19.38% compared to its benchmark return of 25.82%. The main detractors from an allocation perspective were our overweight growth relative to value (value outperformed growth by 21%) and underweight emerging markets relative to developed markets. Additionally, all our international managers except for one underperformed their respective benchmarks.
Investment approach
Our international equities investment holdings are managed by multiple external managers diversified across regions and investment styles. Our benchmark is roughly 67% developed markets and 33% emerging markets.
We have three managers focused on developed markets, one manager investing in Asia Pacific, and one manager investing in emerging markets. We allocate primarily to large- and mid-cap mandates with exposure across value, core, and growth investment styles.
Capital allocation
As of year-end 2025, the Fund remains slightly overweight in international equities. Our current allocation is 23.5% while our policy benchmark is 23.0%.
The portfolio allocations remain overweight Asian equities and underweight emerging markets relative to the benchmark. From a style perspective, the portfolio remains overweight growth relative to value.