US public pension profile
Houston Municipal Employees Retirement Fund
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 4.7 billion
- Total membership
- 34,113
- Funded ratio
- 76.92%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 31.30% |
|---|---|
| Fixed income | 26.30% |
| Private equity | 24.90% |
| Real estate | 8.90% |
| Hedge funds | 6.80% |
| Cash | 1.80% |
Returns to 2025
| One year | 11.80% |
|---|---|
| Five years | 13.90% |
| Ten years | 9.80% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.4 billion | 19,892 | 76.20% | 8.50% |
| 2002 | USD 1.3 billion | 19,591 | 60.40% | 8.50% |
| 2003 | USD 1.3 billion | 21,285 | 46.10% | 8.50% |
| 2004 | USD 1.4 billion | 22,211 | 57.00% | 8.50% |
| 2005 | USD 1.8 billion | 23,390 | 65.20% | 8.50% |
| 2006 | USD 2.1 billion | 24,560 | 64.50% | 8.50% |
| 2007 | USD 2.3 billion | 25,760 | 70.10% | 8.50% |
| 2008 | USD 2.3 billion | 26,538 | 70.10% | 8.50% |
| 2009 | USD 1.7 billion | 27,415 | 66.20% | 8.50% |
| 2010 | USD 1.8 billion | 27,074 | 62.60% | 8.50% |
| 2011 | USD 2.1 billion | 26,675 | 61.40% | 8.50% |
| 2012 | USD 2.0 billion | 26,419 | 59.90% | 8.50% |
| 2013 | USD 2.2 billion | 26,763 | 57.70% | 8.50% |
| 2014 | USD 2.5 billion | 27,166 | 58.07% | 8.50% |
| 2015 | USD 2.5 billion | 27,345 | 54.19% | 8.00% |
| 2016 | USD 2.4 billion | 27,998 | 55.46% | 7.00% |
| 2017 | USD 2.6 billion | 28,243 | 56.36% | 7.00% |
| 2018 | USD 3.0 billion | 28,758 | 57.70% | 7.00% |
| 2019 | USD 3.1 billion | 29,269 | 59.30% | 7.00% |
| 2020 | USD 2.9 billion | 30,026 | 59.16% | 7.00% |
| 2021 | USD 3.9 billion | 30,686 | 62.81% | 7.00% |
| 2022 | USD 4.0 billion | 31,479 | 65.82% | 7.00% |
| 2023 | USD 4.1 billion | 32,440 | 69.02% | 7.00% |
| 2024 | USD 4.4 billion | 33,475 | 72.65% | 7.00% |
| 2025 | USD 4.7 billion | 34,113 | 76.92% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 52.50% | 19.40% | 0.00% | 12.00% | 0.00% | 4.30% |
| 2002 | 47.80% | 20.50% | 0.00% | 18.10% | 0.00% | 0.40% |
| 2003 | 49.35% | 17.58% | 0.00% | 17.48% | 0.00% | 0.20% |
| 2004 | 52.90% | 16.10% | 0.00% | 16.50% | 0.00% | 0.70% |
| 2005 | 54.00% | 16.00% | 0.00% | 14.70% | 0.00% | 0.90% |
| 2006 | 48.60% | 18.40% | 0.00% | 16.30% | 0.00% | 1.50% |
| 2007 | 51.60% | 17.30% | 0.00% | 15.20% | 0.00% | 1.00% |
| 2008 | 43.50% | 18.60% | 0.00% | 18.90% | 0.00% | 0.00% |
| 2009 | 45.40% | 23.90% | 13.70% | 14.10% | 0.00% | 2.90% |
| 2010 | 46.30% | 28.50% | 14.50% | 9.30% | 1.10% | 0.30% |
| 2011 | 48.70% | 26.20% | 12.60% | 9.00% | 2.50% | 1.00% |
| 2012 | 44.80% | 25.40% | 15.40% | 9.10% | 4.70% | 0.60% |
| 2013 | 45.24% | 24.07% | 14.04% | 8.83% | 7.12% | 0.70% |
| 2014 | 40.96% | 25.47% | 14.49% | 9.79% | 8.69% | 0.60% |
| 2015 | 33.47% | 29.28% | 17.43% | 9.76% | 8.57% | 1.49% |
| 2016 | 33.60% | 23.70% | 19.80% | 12.10% | 8.10% | 2.70% |
| 2017 | 35.70% | 25.20% | 20.60% | 10.40% | 7.10% | 1.00% |
| 2018 | 33.03% | 28.13% | 21.22% | 10.31% | 5.71% | 1.60% |
| 2019 | 32.36% | 27.56% | 22.95% | 10.62% | 5.81% | 0.70% |
| 2020 | 31.60% | 22.80% | 26.50% | 11.20% | 7.40% | 0.50% |
| 2021 | 31.20% | 21.10% | 28.80% | 9.90% | 6.30% | 2.70% |
| 2022 | 26.40% | 21.60% | 31.40% | 10.70% | 5.90% | 4.00% |
| 2023 | 29.00% | 22.60% | 28.20% | 10.00% | 7.00% | 3.20% |
| 2024 | 31.80% | 25.70% | 26.70% | 9.60% | 3.90% | 2.30% |
| 2025 | 31.30% | 26.30% | 24.90% | 8.90% | 6.80% | 1.80% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -4.08% | 9.25% | Not reported |
| 2002 | -6.97% | 4.37% | Not reported |
| 2003 | 3.55% | 3.27% | 7.82% |
| 2004 | 18.64% | 6.15% | 9.46% |
| 2005 | 13.85% | 4.53% | 9.40% |
| 2006 | 18.11% | 9.00% | 9.10% |
| 2007 | 18.64% | 14.40% | 9.30% |
| 2008 | 0.47% | 13.70% | 8.40% |
| 2009 | -16.00% | 6.10% | 6.10% |
| 2010 | 12.20% | 5.80% | 5.20% |
| 2011 | 22.20% | 6.50% | 7.80% |
| 2012 | -0.10% | 2.90% | 8.50% |
| 2013 | 13.60% | 5.50% | 9.50% |
| 2014 | 16.40% | 12.60% | 9.30% |
| 2015 | 3.40% | 10.80% | 8.30% |
| 2016 | 1.60% | 6.80% | 6.70% |
| 2017 | 12.70% | 9.40% | 6.10% |
| 2018 | 9.33% | 8.60% | 7.00% |
| 2019 | 7.20% | 6.80% | 9.70% |
| 2020 | -0.90% | 5.90% | 8.30% |
| 2021 | 38.70% | 12.70% | 9.70% |
| 2022 | 5.20% | 11.10% | 10.20% |
| 2023 | 6.20% | 10.50% | 9.50% |
| 2024 | 10.50% | 11.10% | 8.90% |
| 2025 | 11.80% | 13.90% | 9.80% |