US public pension profile· HFRRF
Houston Firefighters’ Relief and Retirement Fund
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
HFRRF: fiscal year 2025 at a glance
- Market value of assets
- USD 5.8 billion
- Total membership
- 7,396
- Funded ratio
- 93.32%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 25.00% |
|---|---|
| Fixed income | 13.00% |
| Private equity | 48.00% |
| Real estate | 9.00% |
| Hedge funds | 2.00% |
| Cash | 3.00% |
Returns to 2025
| One year | 11.90% |
|---|---|
| Five years | 11.30% |
| Ten years | 8.30% |
HFRRF: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.7 billion | 5,005 | 113.00% | 8.50% |
| 2002 | USD 1.7 billion | 5,170 | 98.00% | 8.50% |
| 2003 | USD 1.7 billion | 5,443 | Not reported | 8.50% |
| 2004 | USD 2.0 billion | 5,716 | 88.00% | 8.50% |
| 2005 | USD 2.3 billion | 6,037 | 86.00% | 8.50% |
| 2006 | USD 2.6 billion | 6,072 | 87.00% | 8.50% |
| 2007 | USD 3.0 billion | 6,142 | 91.00% | 8.50% |
| 2008 | USD 3.0 billion | 6,344 | 96.00% | 8.50% |
| 2009 | USD 2.4 billion | 6,507 | 95.00% | 8.50% |
| 2010 | USD 2.7 billion | 6,528 | 93.00% | 8.50% |
| 2011 | USD 3.2 billion | 6,594 | 91.00% | 8.50% |
| 2012 | USD 3.2 billion | 6,586 | 87.00% | 8.50% |
| 2013 | USD 3.4 billion | 6,659 | 87.00% | 8.50% |
| 2014 | USD 3.9 billion | 6,829 | Not reported | 8.50% |
| 2015 | USD 3.9 billion | 7,021 | 89.38% | 8.50% |
| 2016 | USD 3.7 billion | 7,275 | 80.60% | 7.25% |
| 2017 | USD 4.0 billion | 7,361 | 86.05% | 7.25% |
| 2018 | USD 4.2 billion | 7,354 | 87.18% | 7.25% |
| 2019 | USD 4.2 billion | 7,451 | 82.86% | 7.00% |
| 2020 | USD 4.1 billion | 7,254 | 90.90% | 7.00% |
| 2021 | USD 5.3 billion | 7,268 | 94.31% | 7.00% |
| 2022 | USD 5.1 billion | 7,294 | 96.17% | 7.00% |
| 2023 | USD 5.1 billion | 7,369 | 97.16% | 7.00% |
| 2024 | USD 5.4 billion | 7,396 | 93.32% | 7.00% |
| 2025 | USD 5.8 billion | 7,396 | 93.32% | 7.00% |
HFRRF: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 42.70% | 34.10% | 0.00% | 0.00% | 0.00% | 1.40% |
| 2002 | 42.30% | 36.10% | 0.00% | 0.00% | 0.00% | 0.60% |
| 2003 | 40.10% | 36.00% | 16.70% | 4.30% | 0.00% | 2.90% |
| 2004 | 43.70% | 32.30% | 15.40% | 5.50% | 0.00% | 3.10% |
| 2005 | 44.70% | 33.60% | 13.30% | 5.40% | 0.00% | 3.00% |
| 2006 | 47.00% | 33.90% | 11.40% | 4.80% | 0.00% | 2.90% |
| 2007 | 46.10% | 33.70% | 9.50% | 4.20% | 4.00% | 2.50% |
| 2008 | 44.60% | 33.00% | 11.00% | 5.50% | 4.70% | 1.20% |
| 2009 | 35.10% | 38.10% | 12.60% | 6.50% | 7.10% | 0.60% |
| 2010 | 35.10% | 36.90% | 12.40% | 5.60% | 9.20% | 0.80% |
| 2011 | 38.80% | 35.70% | 11.30% | 5.50% | 8.50% | 0.20% |
| 2012 | 35.96% | 36.96% | 10.99% | 6.99% | 8.09% | 1.00% |
| 2013 | 40.00% | 34.00% | 10.00% | 6.00% | 8.00% | 2.00% |
| 2014 | 41.00% | 33.00% | 9.00% | 5.00% | 11.00% | 1.00% |
| 2015 | 40.00% | 33.00% | 9.00% | 4.00% | 12.00% | 2.00% |
| 2016 | 56.00% | 17.00% | 10.00% | 5.00% | 11.00% | 1.00% |
| 2017 | 50.00% | 28.00% | 10.00% | 5.00% | 6.00% | 1.00% |
| 2018 | 51.00% | 22.00% | 13.00% | 4.00% | 5.00% | 5.00% |
| 2019 | 43.00% | 28.00% | 17.00% | 5.00% | 5.00% | 2.00% |
| 2020 | 39.00% | 24.00% | 23.00% | 6.00% | 5.00% | 3.00% |
| 2021 | 39.00% | 16.00% | 32.00% | 5.00% | 5.00% | 3.00% |
| 2022 | 34.00% | 12.00% | 41.00% | 7.00% | 4.00% | 2.00% |
| 2023 | 27.00% | 17.00% | 42.00% | 8.00% | 3.00% | 3.00% |
| 2024 | 28.00% | 13.00% | 46.00% | 8.00% | 2.00% | 3.00% |
| 2025 | 25.00% | 13.00% | 48.00% | 9.00% | 2.00% | 3.00% |
HFRRF: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -1.10% | 9.90% | Not reported |
| 2002 | -2.40% | 4.90% | Not reported |
| 2003 | 6.48% | 3.65% | 9.05% |
| 2004 | 18.41% | 6.10% | 10.30% |
| 2005 | 19.10% | 7.70% | 10.60% |
| 2006 | 14.50% | 10.90% | 10.40% |
| 2007 | 17.00% | 15.00% | 9.80% |
| 2008 | 4.00% | 15.00% | 9.80% |
| 2009 | -20.00% | 5.80% | 5.90% |
| 2010 | 17.30% | 5.50% | 6.60% |
| 2011 | 20.60% | 6.60% | 8.70% |
| 2012 | 2.10% | 3.70% | 9.20% |
| 2013 | 11.50% | 5.20% | 9.70% |
| 2014 | 17.80% | 13.70% | 9.70% |
| 2015 | 1.53% | 10.40% | 7.90% |
| 2016 | -1.00% | 6.20% | 6.40% |
| 2017 | 12.00% | 8.10% | 5.90% |
| 2018 | 8.30% | 8.10% | 5.90% |
| 2019 | 5.70% | 5.20% | 9.40% |
| 2020 | 2.10% | 5.30% | 7.90% |
| 2021 | 33.70% | 11.80% | 9.00% |
| 2022 | 0.10% | 9.40% | 8.70% |
| 2023 | 4.20% | 8.50% | 8.00% |
| 2024 | 9.60% | 9.30% | 7.20% |
| 2025 | 11.90% | 11.30% | 8.30% |