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Pension Funds

Cincinnati Retirement System matches 7.9% benchmark return

Cincinnati Retirement System returned a net 7.9% in the 12 months ended June 30, according to Aug. 2 investment committee meeting materials.

The $2.3 billion pension fund's net return equaled its primary benchmark. The pension fund's best-performing asset class was domestic equities, which returned a net 14.1%, 70 basis points below its benchmark, followed by private equity at a net 11.4%, 200 basis points above its benchmark.

Risk parity returned a net 9% (above its 8.6% benchmark), followed by hedge funds at 8% (5.4%), real estate at 7.9% (7.5%), international equities at 5.1% (7.3%), fixed income at 2.3% (-0.4%) and infrastructure at 1.7% (5.5%).

The pension fund returned an annualized net 6.6%, 8.3% and 6.5% in the three, five and 10 years ended June 30, respectively. It returned a net 12.1% in the year ended June 30, 2017. The pension fund's fiscal year ends Dec. 31.

The actual allocation as of June 30 was 29.7% domestic equities, 22.3% international equities, 17.2% fixed income, 10.4% real estate, 7.8% private equity, 7.1% infrastructure, 5.1% risk parity, 0.3% cash and 0.1% hedge funds.

The pension fund's target allocation is 27.5% domestic equities, 23% international equities, 17% fixed income, 10% each private equity and real estate, 7.5% infrastructure and 5% risk parity.

Marquette Associates is the plan's investment consultant.

Paula Tilsley, executive director, could not be immediately reached to provide further information.