Iowa Public Employees' Retirement System, Des Moines, returned 3.86% on its investments in the third quarter and 14.38% for the year ended Sept. 30. Both topped the fund's benchmark returns of 3.63% for the quarter and 13.36% for the year. The benchmark comprises index funds reflecting the fund's asset allocation targets. The fund's assets had a market value of $19.4 billion as of Sept. 30.
For the three, five and 10 years ended Sept. 30, the fund returned an annualized 14.13%, 4.47% and 9.77%, respectively. The benchmark returned an annualized 15.04%, 4.69% and 8.92%, respectively, for the same period.