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Pension Funds

Ann Arbor pension plan gains 11.8% in fiscal year

The $490 million Ann Arbor (Mich.) City Employees' Retirement System reported a 11.8% net return for the fiscal year ended June 30, topping the 11.2% policy benchmark return.

Annualized net returns for periods ended June 30 were 5.3% for three years (benchmark, 4.7%); five years, 8.3% (7.8%); and seven years, 9% (9.3%), an investment report showed.

The Ann Arbor plan's asset allocation as of June 30 was 34.5% domestic equity, 17.7% investment-grade bonds, 13.6% international developed market equity, 7.3% real estate, 6.5% international emerging market equity, 5% high-yield bonds, 4.1% TIPS, 3.6% hedge funds, 3.1% bank loans, 2% private equity, 1.5% emerging market debt and 1.1% cash.