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The benchmarks for risk measurement and performance of the Permanent Fund
portfolio will be divided among the asset classes as outlined below.
− The benchmark for the fixed income portion shall be the Barclays’ 1-5 Year
Government/Credit Index for the comparable period.
− The benchmark for the equity portion shall be a total return equal to a
composite of the total return of S&P 500 for stocks and the EAFE for
international investments comparable to the then-current makeup of the
portfolio for the comparable period.
− The benchmark for the real assets portion shall be the FTSE NAREIT All
Equity REIT Index for the comparable period.
− The benchmark for the commodities portion shall be the Dow Jones UBS
Commodities Index for the comparable period.
− The benchmark for the alternative investment portion shall be the HFRX
Global Hedge Fund Index for the comparable period.

XIV. ADOPTION

The Fort Worth Permanent Fund Investment Policy and Strategy shall be reviewed by
the Investment Committee and adopted by the City Council at least annually. The
adopting resolution shall include any changes made to the Policy.
Policy Adopted:

Date M&C Reference Comments
April 16, 2013 G‐17857 Policy Adopted
July 15, 2014 G‐18244 Policy Approved – No Changes
May 5, 2015 G‐18466 Policy Approved – No Changes
September 15, 2015 G‐18552 Policy Approved – No Changes
September 26, 2017 G‐19117 Policy Approved –Amended Authorized Investments and
diversification requirements and guidelines
September 11, 2018 G‐19359 Policy Approved – No Changes
September 10, 2019 19‐0142 Policy Approved –Amended Section III. Objectives and Section
VIII. Authorized Investments, item 3 Commercial Paper
maximum maturity changed from 90 days to 365 days
September 22, 2020 20‐0685 Policy Approved – No Changes

August 24, 2021 21‐0592 Policy Approved –Amended Section X. Diversification to include
revised ranges for Cash, Cash Equivalents, Fixed Income, and
Equities

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