Teamsters, Central States, Southeast and Southwest Areas Pension Fund, Rosemont, Ill., reported a 14.45% preliminary return on investments for the year ended Dec. 31, according to a report filed with the U.S. District Court in Chicago, under a consent decree with the Department of Labor. The fund had $20.6 billion in assets as of Dec. 31.
Goldman Sachs Asset Management, which oversees management of 40% of the fund as one of its two named fiduciaries, returned 16.44% for the year, underperforming the 17.68% return of the portfolio's customized benchmark, the report said. Northern Trust Global Advisors, which oversees management of 40% of the fund as the other named fiduciary, returned 19.16%, compared with a customized benchmark return of 19.86%. The GSAM and NTGA funds invest in a mix of U.S. and international equities, fixed income and real estate.
The other 20% of the fund, which is managed separately in fixed income by another investment manager, returned 4.35% for the year, according to the report, which did not identify the firm or give benchmark comparisons for the fixed-income fund.
Frank J. McGarr, special counsel who filed the report, GSAM spokeswoman Andrea Raphael and NTGA spokesman John O'Connell declined to comment. Mark Vieu, division manager, Teamsters, Central States fund, did not respond to phone calls by press time.