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South Carolina misses benchmark with 7.6% return in 2016, outperforms longer term

South Carolina Retirement Systems, Columbia, posted returns that surpassed its benchmarks in all but one reporting period ended Dec. 31.

For the three months ended Dec. 31, the pension fund returned 1.33% (benchmark, 0.78%); one year, 7.61% (8.4%); three years, 3.99% (3.96%); five years, 7.13% (6.5%); and 10 years, 4.13% (3.54%), according to an investment report prepared by South Carolina Retirement System Investment Commission, which oversees investment of the state pension fund.

Assets of the fund rose 2.8% to $28.8 billion in the first six months of the fiscal year through Dec. 31.

The 4.87% fiscal year-to-date return (benchmark, 4.14%) generated $1.35 billion of investment gains for the fund, partially offset by $557 million of net benefit payments, the report showed.