All data is shown in U.S. Dollars. Non-performance information is based on a representative account of the strategy. Each portfolio may differ due to specific investment restrictions and guidelines. Past performance is not an indicator or guarantee of future results. The gross performance returns presented reflect the reinvestment of dividends and other earnings but do not reflect the deduction of investment advisory fees and other expenses. A client's return will be reduced by advisory fees and any other expenses it may incur in the management of its investment advisory account.
Portfolios within the composite are subject to certain risks such as market and investment style risk. High-yield fixed-income securities, also known as “junk bonds,” are considered speculative, involve greater risk for default and tend to be more volatile than investment-grade fixed-income securities.
The Bank of America Merrill Lynch BB/B Cash Pay Issuer Constrained Index measures the performance of bond securities that pay interest in cash and have a credit rating of BB or B. Bank of America Merrill Lynch uses a composite of Fitch Ratings, Moody’s and Standard & Poor’s credit ratings in selecting bonds for this index. These ratings measure the risk that the bond issuer will fail to pay interest or to repay principal in full. The index is market weighted, so that larger bond issues have a greater effect on the index’s return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index.
The separate account minimum is $50 million.
This material is provided for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. TIAA-CREF claims compliance with the Global Investment Performance Standards (GIPS®). TIAA-CREF is a group of companies that manages domestic, international and global investment strategies for clients worldwide, and provides insurance-related financial services. To receive a complete list and descriptions of TIAA-CREF composites and/or a presentation that adheres to the GIPS standards, please Contact Us.
This website is directed only to institutional investors. The information on this website should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons.
TIAA-CREF Asset Management is the institutional asset management division of Teachers Advisors, Inc., a registered investment advisor and wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA). TIAA® personnel in its investment management area provide investment advice and portfolio management services through the following entities: Teachers Advisors, Inc., TIAA-CREF Investment Management, LLC, and Teachers Insurance and Annuity Association® (TIAA®).
