Teacher Retirement System of Texas, Austin, experienced strong asset growth and positive performance in the quarter ended Sept. 30.
The pension fund's assets rose 3.2% to $112.4 billion during the three months, according to a performance review from Hewitt EnnisKnupp, consultant to Texas Teachers' trustees, presented at the board's Thursday meeting.
The pension fund returned 4.39% in the quarter, outperforming its customized policy benchmark by 73 basis points. Year-to-date through Sept. 30, the pension fund returned 11.12%; for one year, 15.33%; three years, 10.4%; five years, 2.46%; and 10 years, 8.27%. The defined benefit plan topped the policy benchmark during all periods except the five-year period, when it trailed by 19 basis points, according to the consultant's report. Multiyear returns are annualized.
The retirement system's investment returns totaled $4.756 billion in the third quarter, and net withdrawals totaled $1.245 billion.
By contrast, Texas TRS' assets experienced a 1.2% decline in assets to $108.9 billion in the second quarter, the result of the pension fund's -0.41% return.