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Pension Funds

Philadelphia Board of Pensions returns 12.9% for fiscal year, above its benchmark

Philadelphia Board of Pensions and Retirement returned 12.9% net of fees for the fiscal year ended June 30, bringing the pension fund to $4.8 billion, confirmed Christopher R. DiFusco, chief investment officer.

The fiscal year return was 140 basis points above its policy benchmark, which returned 11.5%.

The pension fund returned an annualized 7.4% for the five years ended June 30, vs. 8% for its benchmark. It's 10-year annualized return, meanwhile, was 4.4%, vs. 5.6% for its benchmark.

Emerging markets equity was the best-performing asset class, returning 22.4% for the year, followed by developed markets international equity, 20%; U.S. equity, 19.6%; absolute return, 13.5%; opportunistic fixed income, 8.7%; private assets, 5.8%; real assets, 5.7%; and investment-grade fixed income, 0.9%.

The asset allocation as of June 30 was 31.6% U.S. equity, 19.5% developed markets international equity, 14.3% investment-grade fixed income, 9.8% real assets, 8.8% private assets, 7.9% opportunistic fixed income, 5.4% emerging markets equity, 1.4% absolute return and the rest in cash.

The full report is available on the pension fund's website.