When it comes to their benchmarking practices, US public pension funds need to find faster rabbits to chase. : Accurate performance readings of public pension funds, endowments, and other institutional investors are critical to their trustees and stakeholders. Fund performance is usually evaluated by comparing the portfolio rate of return to that of an index-like benchmark. The following analysis reviews the benchmarking practices of US public pension funds and finds them wanting: In effect, these funds have unleashed their hounds on slow rabbits.