North Dakota Public Employees Retirement System, Bismarck, gained 1.37% on its investments for the quarter ended Sept. 30, lagging its benchmark by 123 basis points, according to the $2 billion plans website. The gain was attributed to a 3.03% September return, which followed two months of losses. The plan returned 18.95% for the fiscal year ended June 30. Emerging markets equity and international fixed income were the big winners, with quarterly returns of 12.73% and 6.6%, respectively. Losers included domestic small-cap equity, returning -3.32%; international equity, -1.77%; and high-yield bonds, -1.35%.
As of Sept. 30, the funds asset allocation was: 30.4% large-cap U.S. equity, 22.9% U.S. fixed income, 9.8% international equity, 9.5% small-cap U.S. equity, 6.5% emerging markets equity, 6% real estate, 4.9% high-yield bonds, 4.6% international fixed income, 4.3% alternatives and 1.1% cash.