ASSET OWNERS

Texas Teachers has upbeat quarter

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.