Equities

Morgan Stanley Capital International All Country World Index ex Korea (unhedged)

Fixed income

Bloomberg Barclays Global Aggregate Index ex KRW ex Korea

Inflation-linked bonds

Bloomberg Barclays Global Inflation-linked Bond Index

Cash

ICE BofA Merrill Lynch 3-Month US Treasury Bill

Private equity

Morgan Stanley Capital International All Country World Index ex Korea (unhedged) + 2%, 3개월 lagged

Hedge funds

BofA Merrill Lynch 3-Month US Treasury Bill + 3.5%, 1 month lagged

Real estate · infrastructure

G7 inflation rate + 4%, 3 months lagged

Private debt*

Morningstar Global Leveraged Loan Index + 1.25%, 3 months lagged