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Pension Funds

MassPRIM returns 10% for fiscal year

Updated with net return figures

Massachusetts Pension Reserves Investment Management Board returned a net 9.5% in the fiscal year ended June 30, documents from the Boston-based pension system show.

The return drove MassPRIM's value to $71.8 billion. It also outperformed the pension fund's benchmark of 8.1% for the year.

MassPRIM returned 12.8% net of fees for the fiscal year ended June 30, 2017.

The pension fund's annualized three-, five- and 10-year returns as of June 30 were 8.4%, 9.3% and 6.3%, respectively, topping the benchmark returns of 7.1%, 7.7% and 5.6%.

Private equity returned a net 19.9% in fiscal 2018, followed by global equities at 11.7%; real estate, 8.9%; timber, 7.4%; portfolio completion strategies, 6.8%; value-added fixed income, 3.1%; overlay, 3.1%; and core fixed income, -1.3%.

The current asset allocation is 41.9% global equity, 13.4% portfolio completion strategies (which includes hedge funds), 12.8% core fixed income, 10.8% private equity, 9% real estate, 8% value-added fixed income, 3.4% timberland and 0.4% overlay.

Callan is MassPRIM's public markets consultant, NEPC is asset allocation consultant; Aberdeen Standard Investments, hedge funds; Townsend Group, real estate and timberland; and Hamilton Lane, private equity.