NCIA Accountability Metrics

Assumed Actuarial Returns

NCRS vs Assumed Actuarial Return - Rolling 3 Year (Net of Fees)

NCRS vs Assumed Actuarial Return - Rolling 5 Year (Net of Fees)

Peer Comparison

NCRS vs Peers - Rolling 3 Year Return (Gross of Fees)

NCRS vs Peers - Rolling 5 Year Return (Gross of Fees) Chart

Implementation Benchmarks

NCRS vs Implementation Benchmark- Rolling 3 Year Return (Net of Fees) Chart

NCRS vs Implementation Benchmark- Rolling 5 Year Return (Net of Fees) Chart

Note 1: Peer Group Universe is the BNY Universe of US Public Funds > $20B

Note 2: The Reference Portfolio Benchmark is comprised of 65% MSCI ACW IMI Net and 35% ICE BofA 5+ Years U.S. Treasury Index starting in March 2026. The structure of this benchmark has changed over time as the investment policy has changed, the returns reflect the historical structure that was in place at each point in time. The latest prior structure was comprised of 57% MSCI ACWI IMI Net, 33% ICE BofA 5+ Years U.S. Treasury Index, 6% Bloomberg Commodity Index, and 4% ICE BofA 1-3 Years U.S. Inflation-Linked Treasury Index.

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For more detailed accountability and other information, visit the North Carolina Investment Authority.