Total Fund

The Total Fund database in Compass is comprised of over 150 large institutional funds with total assets in excess of $1 trillion. The database provides asset allocation and return information for various public and corporate defined benefit plans, endowment and foundation funds, and insurance company portfolios.

Users can construct custom universes of institutional funds of similar type and size and then rank specific funds according to several risk and return measures. In the two charts below, the total fund return and risk for Corporate DB Plan 131 are displayed and ranked relative to a universe of all defined benefit plans with total assets greater than $1 billion.

The Total Fund Attribution model can be used to disaggregate total fund and asset class composite returns into separate policy and implementation components. At the total fund level, "policy" risk and return reflects the risk and return attributable to the fund's average asset allocation over time.

The difference between a fund's total return and its policy return is referred to as its' "implementation" return. Implementation return encompasses the impact of all other decisions made by the fund, such as rebalancing, style tilts, regional weighting, and manager selection.

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