US public pension profile· Montana TRS
Teachers' Retirement System of Montana
Funding, investment choices and long-term returns.
Montana ·Fiscal year 2025
Montana TRS: fiscal year 2025 at a glance
- Market value of assets
- USD 5.4 billion
- Total membership
- 46,743
- Funded ratio
- 73.44%
- Assumed investment return
- 7.30%
Asset allocation in 2025
| Public equity | 41.70% |
|---|---|
| Fixed income | 20.30% |
| Private equity | 17.20% |
| Real estate | 12.00% |
| Hedge funds | 0.00% |
| Cash | 2.70% |
Returns to 2025
| One year | 9.45% |
|---|---|
| Five years | 9.61% |
| Ten years | 7.88% |
Montana TRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 2.2 billion | 37,119 | Not reported | 8.00% |
| 2002 | USD 2.0 billion | 36,930 | 86.60% | 8.00% |
| 2003 | USD 2.1 billion | 37,200 | Not reported | 8.00% |
| 2004 | USD 2.4 billion | 37,470 | 76.60% | 7.75% |
| 2005 | USD 2.5 billion | 38,424 | 73.40% | 7.75% |
| 2006 | USD 2.7 billion | 38,800 | 76.10% | 7.75% |
| 2007 | USD 3.2 billion | 39,618 | 79.60% | 7.75% |
| 2008 | USD 3.0 billion | 40,782 | 79.90% | 7.75% |
| 2009 | USD 2.3 billion | 41,487 | 66.20% | 7.75% |
| 2010 | USD 2.5 billion | 42,650 | 65.44% | 7.75% |
| 2011 | USD 3.0 billion | 43,112 | 61.50% | 7.75% |
| 2012 | USD 2.9 billion | 43,837 | 59.24% | 7.75% |
| 2013 | USD 3.2 billion | 33,051 | 66.80% | 7.75% |
| 2014 | USD 3.7 billion | 33,717 | 65.45% | 7.75% |
| 2015 | USD 3.7 billion | 34,308 | 67.46% | 7.75% |
| 2016 | USD 3.7 billion | 48,088 | 69.28% | 7.75% |
| 2017 | USD 4.0 billion | 49,441 | 70.49% | 7.75% |
| 2018 | USD 4.1 billion | 50,318 | 68.19% | 7.50% |
| 2019 | USD 4.2 billion | 51,302 | 68.63% | 7.50% |
| 2020 | USD 4.2 billion | 52,420 | 68.84% | 7.50% |
| 2021 | USD 5.1 billion | 45,970 | 71.43% | 7.50% |
| 2022 | USD 4.7 billion | 44,592 | 71.73% | 7.30% |
| 2023 | USD 4.9 billion | 45,308 | 72.50% | 7.30% |
| 2024 | USD 5.2 billion | 46,105 | 74.26% | 7.30% |
| 2025 | USD 5.4 billion | 46,743 | 73.44% | 7.30% |
Montana TRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 49.40% | 38.83% | 7.99% | 0.25% | 0.00% | 3.53% |
| 2002 | 53.01% | 40.59% | 3.58% | 0.27% | 0.00% | 2.56% |
| 2003 | 57.16% | 34.15% | 5.62% | 0.27% | 0.00% | 2.80% |
| 2004 | 63.14% | 28.92% | 4.27% | 0.28% | 0.00% | 3.39% |
| 2005 | 62.93% | 30.35% | 4.66% | 0.26% | 0.00% | 1.80% |
| 2006 | 63.30% | 30.30% | 5.70% | 0.70% | 0.00% | 0.00% |
| 2007 | 62.00% | 24.00% | 8.00% | 3.00% | 0.00% | 3.00% |
| 2008 | 58.00% | 26.00% | 10.00% | 5.00% | 0.00% | 1.00% |
| 2009 | 53.00% | 29.00% | 11.00% | 6.00% | 0.00% | 1.00% |
| 2010 | 51.00% | 28.00% | 13.00% | 5.00% | 0.00% | 2.00% |
| 2011 | 55.16% | 24.79% | 12.03% | 7.02% | 0.00% | 1.00% |
| 2012 | 53.00% | 25.00% | 13.00% | 8.00% | 0.00% | 1.00% |
| 2013 | 54.88% | 22.18% | 12.51% | 9.16% | 0.00% | 1.27% |
| 2014 | 57.04% | 21.75% | 10.50% | 8.66% | 0.00% | 2.05% |
| 2015 | 56.24% | 22.33% | 10.69% | 8.83% | 0.00% | 1.91% |
| 2016 | 53.21% | 23.67% | 11.16% | 9.28% | 0.00% | 2.68% |
| 2017 | 53.87% | 24.48% | 10.72% | 7.74% | 0.00% | 1.10% |
| 2018 | 53.95% | 23.71% | 11.08% | 7.15% | 0.00% | 1.74% |
| 2019 | 47.51% | 26.39% | 12.32% | 7.73% | 0.00% | 3.05% |
| 2020 | 48.68% | 24.71% | 13.23% | 8.66% | 0.00% | 1.62% |
| 2021 | 48.26% | 20.69% | 14.74% | 9.31% | 0.00% | 2.52% |
| 2022 | 44.13% | 19.37% | 17.18% | 12.58% | 0.00% | 1.28% |
| 2023 | 43.20% | 19.60% | 17.30% | 12.00% | 0.00% | 1.80% |
| 2024 | 41.26% | 21.43% | 16.78% | 12.14% | 0.00% | 2.40% |
| 2025 | 41.70% | 20.30% | 17.20% | 12.00% | 0.00% | 2.70% |
Montana TRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.05% | Not reported | Not reported |
| 2002 | -7.20% | Not reported | Not reported |
| 2003 | 6.46% | 2.60% | 8.49% |
| 2004 | 13.51% | 2.84% | 8.98% |
| 2005 | 8.19% | 2.87% | 8.19% |
| 2006 | 9.05% | 5.76% | 7.84% |
| 2007 | 17.94% | 10.95% | 7.68% |
| 2008 | -4.89% | 8.48% | 5.48% |
| 2009 | -20.67% | 0.98% | 1.89% |
| 2010 | 12.84% | 1.83% | 2.34% |
| 2011 | 21.83% | 4.12% | 4.93% |
| 2012 | 2.42% | 1.22% | 5.97% |
| 2013 | 13.06% | 4.78% | 6.61% |
| 2014 | 17.17% | 13.28% | 6.95% |
| 2015 | 4.60% | 11.57% | 6.59% |
| 2016 | 2.08% | 7.69% | 5.89% |
| 2017 | 11.92% | 9.62% | 5.34% |
| 2018 | 8.82% | 8.79% | 6.76% |
| 2019 | 5.69% | 6.57% | 9.87% |
| 2020 | 2.73% | 6.19% | 8.84% |
| 2021 | 27.71% | 11.05% | 9.36% |
| 2022 | -4.33% | 7.62% | 8.62% |
| 2023 | 8.46% | 7.55% | 8.17% |
| 2024 | 9.06% | 8.23% | 7.40% |
| 2025 | 9.45% | 9.61% | 7.88% |