Investment Performance

Cook County Fund Summary

Asset Allocation

The Cook County Fund ended September with a market value of $14.7 billion, an increase of approximately $510 million from the prior quarter ending value of $14.2 billion. Investment gains totaled $701 million for the quarter and the Fund experienced net withdrawals of $192 million.

 

Performance

In the third quarter of 2025, the portfolio returned 4.94% net of fees, slightly trailing its benchmark return of 5.0% but ranking above its peer group median. Domestic equity and international equity continue to generate strong absolute returns yet modestly underperformed their benchmark returns. Fixed income was in-line with the benchmark and private real estate outperformed its benchmark return. Private equity had a return of 2.92%.

The portfolio lagged its custom benchmark in the last year with a net return of 10.47%. The portfolio led its custom benchmark over the last five-year period with an annualized net of fee return of 9.26%. Over the longer period, private equity and domestic equity have contributed double-digit returns. The Fund outperformed its benchmark over the trailing ten-year period with a net return of 8.77%

The following table shows asset class performance over trailing periods:

 

 

Domestic Equity – Domestic Equity returned 8.08% for the quarter versus the benchmark return of 8.18%.  Over the last year, Domestic Equity (15.61%) underperformed the benchmark return (17.41%). Domestic Equity has slightly underperformed the benchmark over longer periods.  

International Equity – International Equity returned 5.35% for the quarter and underperformed the benchmark return of 6.86%.  Over the last year, International Equity (13.72%) underperformed the benchmark return (16.39%). Over longer periods, International Equity has underperformed the benchmark.

Fixed Income – Fixed Income returned 1.94% for the quarter and was in-line with the benchmark return of 1.95%. Over the last year, Fixed Income (3.01 %) performed in-line with the benchmark (3.00%). The composite has outperformed the benchmark over the five-year and ten-year period..

REITS – REITS returned 3.65% during the quarter and underperformed the benchmark return of 4.77%. Over the last year, REITS (-1.20%) outperformed the benchmark return (-1.98%). REITS modestly outperformed the benchmark return over the last five- and ten-year periods. 

Private Real Estate – Private Real Estate returned 0.77% for the quarter and outperformed the benchmark return of 0.52%. Over the last year, Private Real Estate (1.60%) underperformed the benchmark return (3.19%). The allocation has outperformed the benchmark over longer periods. 

Hedge Funds – Hedge Funds returned 1.99% for the quarter, below the benchmark return of 2.07%. Over the last year, Hedge Funds (10.25%) outperformed the benchmark (8.76%). The allocation outperformed its benchmark over the longer periods.   

Private Equity – Private Equity returned 2.92% for the quarter and had a return of 8.11% for the past year. Over the 5- and 10-year periods, the allocation generated significant double-digit returns.

Infrastructure – Infrastructure returned 4.04% for the quarter and underperformed the benchmark return of 4.14%. Over the last year, Infrastructure (11.37%) outperformed the benchmark return (8.49%).

  • Investment gains totaled $701.4 million from the previous quarter end.
     
  • There were net withdrawals of $191.8 million for the third quarter.

 

For additional discussion, click here to view Callan’s third quarter summary.

 

Forest Preserve Fund Summary

Asset Allocation

The Forest Preserve Fund ended September 2025 with a market value of $221.4 million, a $5.3 million increase from the prior quarter ending value of $216.1 million.  Investment gains amounted to approximately $10 million for the quarter.  Net cash outflows were approximately $5 million. 

 

Performance

In the third quarter of 2025, the portfolio returned 4.75% net of fees (NOF), underperforming its benchmark return of 5.23% but ranking above its median peer group.  Domestic equity and international equity underperformed their benchmark returns. Fixed income was in-line with the benchmark return. Real estate outperformed the benchmark return. Hedge funds underperformed the benchmark return and private equity produced significant double-digit returns for the quarter. 

The following table shows asset class performance over trailing periods:

Domestic Equity – Domestic Equity returned 7.70% for the quarter and underperformed the benchmark return of 8.18%. Over the last year, Domestic Equity returned 14.29% and underperformed the benchmark (17.41%). Domestic Equity has modestly underperformed over longer periods. 

International Equity – International Equity returned 4.83% for the quarter and underperformed the benchmark return of 6.89%. Over the last year, International Equity finished with a return of 14.22% and underperformed the benchmark (16.45%).  International Equity modestly trailed the benchmark over the three-year and five-year periods and modestly outperformed the benchmark over the ten-year period.

Fixed Income – Fixed Income returned 1.94% in the quarter and was in-line with the benchmark return of 1.95%.  Over the last year, Fixed Income returned 2.97% and narrowly underperformed the benchmark return (3.00%). The allocation has outperformed the benchmark over the five-year and ten-year periods. 

Real Estate – Real Estate returned 1.29% for the quarter, exceeding the benchmark return of 0.52%. Over the last year, Real Estate returned 4.77% and outperformed the benchmark return (3.19%). Real Estate outperformed the benchmark over the trailing three, five, and ten-year periods.

Private Equity – Private equity returned 16.09% for the quarter.  Private equity was initially funded in the first quarter of 2025.

Hedge Funds – Hedge Funds returned 1.99% in the quarter and underperformed the benchmark (HFRI) return of 2.07%. Over the last year, Hedge Funds returned 9.73% and outperformed the target return (8.76%). The allocation outperformed its benchmark (HFRI FoF Index) across long-term periods.

Private Credit – Initial funding occurred in the third quarter of 2025. The first full quarter of performance will be in the fourth quarter of 2025.

  • Investment gains totaled $10.2 million from the previous quarter end.
     
  • There were net withdrawals of $4.9 million in the quarter to fund benefit payments. 

 

For additional discussion, click here to view Callan’s third quarter summary.