US public pension profile· ASRS
Arizona State Retirement System
Funding, investment choices and long-term returns.
Arizona ·Fiscal year 2025
ASRS: fiscal year 2025 at a glance
- Market value of assets
- USD 57.6 billion
- Total membership
- 669,038
- Funded ratio
- 74.18%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 44.20% |
|---|---|
| Fixed income | 3.00% |
| Private equity | 33.80% |
| Real estate | 16.90% |
| Hedge funds | 0.00% |
| Cash | 2.10% |
Returns to 2025
| One year | 9.90% |
|---|---|
| Five years | 10.40% |
| Ten years | 8.24% |
ASRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 20.8 billion | 350,269 | 114.95% | 8.00% |
| 2002 | USD 18.3 billion | 373,643 | 106.37% | 8.00% |
| 2003 | USD 17.9 billion | 395,021 | 98.42% | 8.00% |
| 2004 | USD 20.5 billion | 415,650 | 92.46% | 8.00% |
| 2005 | USD 21.6 billion | 440,762 | 86.11% | 8.00% |
| 2006 | USD 23.2 billion | 464,719 | 84.30% | 8.00% |
| 2007 | USD 27.1 billion | 506,362 | 83.28% | 8.00% |
| 2008 | USD 24.7 billion | 523,257 | 82.08% | 8.00% |
| 2009 | USD 19.9 billion | 532,160 | 79.01% | 8.00% |
| 2010 | USD 22.1 billion | 529,166 | 76.44% | 8.00% |
| 2011 | USD 26.8 billion | 530,513 | 75.53% | 8.00% |
| 2012 | USD 26.4 billion | 532,925 | 75.29% | 8.00% |
| 2013 | USD 29.0 billion | 540,933 | 75.44% | 8.00% |
| 2014 | USD 33.7 billion | 548,987 | 76.30% | 8.00% |
| 2015 | USD 33.6 billion | 558,136 | 77.06% | 8.00% |
| 2016 | USD 32.9 billion | 566,245 | 76.95% | 8.00% |
| 2017 | USD 36.2 billion | 580,196 | 69.67% | 7.50% |
| 2018 | USD 38.5 billion | 590,917 | 70.38% | 7.50% |
| 2019 | USD 39.8 billion | 602,384 | 71.26% | 7.50% |
| 2020 | USD 39.2 billion | 613,691 | 71.67% | 7.50% |
| 2021 | USD 48.2 billion | 621,280 | 70.10% | 7.00% |
| 2022 | USD 47.1 billion | 631,385 | 71.31% | 7.00% |
| 2023 | USD 49.8 billion | 647,452 | 71.76% | 7.00% |
| 2024 | USD 53.4 billion | 661,228 | 72.60% | 7.00% |
| 2025 | USD 57.6 billion | 669,038 | 74.18% | 7.00% |
ASRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 73.90% | 26.10% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2002 | 67.60% | 32.40% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2003 | 73.60% | 26.40% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2004 | 68.60% | 24.99% | 0.00% | 0.12% | 0.00% | 6.28% |
| 2005 | 69.73% | 22.98% | 0.00% | 0.10% | 0.00% | 7.19% |
| 2006 | 69.20% | 24.10% | 0.00% | 1.00% | 0.00% | 5.70% |
| 2007 | 70.40% | 22.00% | 0.00% | 0.80% | 0.00% | 6.80% |
| 2008 | 67.60% | 26.24% | 0.50% | 1.99% | 0.30% | 3.38% |
| 2009 | 64.83% | 25.96% | 1.30% | 2.81% | 0.80% | 4.31% |
| 2010 | 65.29% | 23.66% | 2.05% | 3.09% | 1.33% | 4.58% |
| 2011 | 63.29% | 21.05% | 2.91% | 4.12% | 1.34% | 7.29% |
| 2012 | 62.76% | 19.46% | 4.83% | 5.17% | 2.37% | 5.41% |
| 2013 | 62.76% | 19.46% | 4.83% | 5.17% | 2.37% | 5.41% |
| 2014 | 52.30% | 13.70% | 9.60% | 5.90% | 13.30% | 4.90% |
| 2015 | 53.20% | 14.00% | 11.90% | 6.70% | 8.80% | 4.00% |
| 2016 | 45.90% | 15.60% | 16.80% | 9.90% | 7.40% | 2.80% |
| 2017 | 48.40% | 12.60% | 18.60% | 9.00% | 7.60% | 2.30% |
| 2018 | 46.30% | 10.20% | 21.00% | 10.80% | 8.10% | 2.20% |
| 2019 | 45.70% | 14.80% | 23.20% | 14.70% | 0.00% | 1.60% |
| 2020 | 42.40% | 14.70% | 24.30% | 16.00% | 0.00% | 2.60% |
| 2021 | 42.60% | 13.40% | 26.20% | 15.80% | 0.00% | 2.00% |
| 2022 | 35.50% | 6.80% | 36.30% | 19.80% | 0.00% | 1.60% |
| 2023 | 39.00% | 4.70% | 36.20% | 18.50% | 0.00% | 1.60% |
| 2024 | 41.20% | 3.80% | 35.10% | 18.60% | 0.00% | 1.30% |
| 2025 | 44.20% | 3.00% | 33.80% | 16.90% | 0.00% | 2.10% |
ASRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -6.70% | 11.90% | 12.60% |
| 2002 | -8.20% | 5.90% | 10.20% |
| 2003 | 2.40% | 2.40% | 8.70% |
| 2004 | 17.50% | 2.50% | 11.00% |
| 2005 | 8.50% | 2.20% | 9.40% |
| 2006 | 9.80% | 5.60% | Not reported |
| 2007 | 17.80% | 11.00% | 8.40% |
| 2008 | -7.60% | 8.80% | 5.50% |
| 2009 | -18.10% | 1.20% | 1.90% |
| 2010 | 14.91% | 2.30% | 2.30% |
| 2011 | 24.60% | 4.80% | 5.20% |
| 2012 | 1.30% | 1.80% | 6.30% |
| 2013 | 13.10% | 5.90% | 7.40% |
| 2014 | 18.60% | 14.20% | 7.50% |
| 2015 | 3.20% | 11.80% | 6.90% |
| 2016 | 0.60% | 7.10% | 6.00% |
| 2017 | 13.90% | 9.60% | 5.60% |
| 2018 | 9.40% | 8.90% | 7.40% |
| 2019 | 6.60% | 6.60% | 10.37% |
| 2020 | 0.80% | 6.10% | 8.94% |
| 2021 | 25.10% | 10.90% | 8.98% |
| 2022 | 1.10% | 8.30% | 8.96% |
| 2023 | 8.20% | 8.00% | 8.48% |
| 2024 | 9.00% | 8.50% | 7.56% |
| 2025 | 9.90% | 10.40% | 8.24% |