The term ‘asset class’ is used loosely — to mean any asset category, sub-asset category, or investment strategy, which is held to be distinct in the investment universe. Below is a list of all the asset classes considered and/ or used in our portfolios, along with the indices we use to benchmark them, respectively.
First-Order: Core Asset Classes
| Asset Class | Benchmark(s) | Portfolio Role |
| U.S. Large Cap Equity | S&P 500 Composite Index/ Russell 1000 Index | core growth |
| Non-U.S. Developed Markets Large Cap Equity | MSCI EAFE Index | global growth |
| U.S. Investment Grade Bond | Barclays Capital Aggregate Bond Index | stabilizer, deflation hedge, income |
| Inflation-Protected Bond | Barclays Capital TIPS Index | inflation-hedge |
| Global Real Estate | real asset, diversifier, inflation hedge | |
| Cash | Citigroup 3-Month Treasury Bill Index | stable value, opportunistic buying |
Second-Order: Supplemental Asset Classes
| Asset Class | Benchmark | Portfolio Role |
| Emerging Markets Equity | MSCI Emerging Markets Index | high global growth |
| U.S. Small Cap Equity | Russell 2000 Index | high growth |
| High Yield Bond | Barclays Capital High Yield Bond Index | |
| Non-U.S. Developed Markets Bond | Citigroup WGBI Index | |
| Emerging Markets Debt | JPMorgan Global Bond Index- Emerging Markets | |
| Natural Resources/ Precious Metals | ||
| Commodities | Bloomberg Commodity Index | diversifier, energy, global growth |
Third Order: Auxiliary Asset Classes
| Asset Class | Benchmark | Portfolio Role |
| Micro Cap Equity | Russell Microcap Index | |
| Non-U.S. Developed Markets Small Cap Equity | ||
| Emerging Markets Small Cap Equity | MSCI Emerging Markets Small Cap Index | |
| Frontier Markets Equity | MSCI Frontier Markets Index | |
| Floating Rate Bank Loan | ||
| Long-Short Equity | ||
| Event Driven | ||
| Managed Futures | ||
| Distressed Debt |