16 Rochester’s portfolio is divided into 45% traditional publicly traded assets—stocks and bonds—and 55% non-publicly traded investments, such as private equity, hedge funds, and real estate, referred to as “alternative investments.” This approach has ensured growth during economic expansions and capital preservation in economic downturns, with volatility far below the benchmark. Major asset classes generated the following performances in fiscal year 2024 (net of fees): ASSET ALLOCATION as of June 30, 2024 ASSET ALLOCATION AND RETURN Publicly traded equity generated a net return of 14.8% compared to 19.4% for the global stock benchmark. Alternative investments generated a net return of 7.3%. Hedge funds returned 12.4%, private equity funds returned 4.6%, and real asset funds returned -5.3%. Fixed income and cash returned 6.4% compared to the 4.9% return for the bond/cash benchmark. 35.9% Public Equity 9% Fixed Income & Cash 3.8% Real Assets 23.9% Hedge Funds 27.4% Private Equity
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