Denver Public Schools Retirement System earned 1.4% on investments in the second quarter, topping its custom benchmark by 220 basis points, according to a statement on its website by CIO Amy C. McGarrity.
Performance for the quarter put the $3.2 billion system in the top 1% of the 94 public retirement plans in the Callan Associates’ Public Fund Universe, Ms. McGarrity reported. The system outperformed its benchmarks in all broad asset classes except real estate, where returns fell 10 basis points short of the NCREIF index, at 0.5% vs. 0.6%.
“It wasn’t a great quarter, but we had very strong performance relative to our peer group,” she said in the statement. Ms. McGarrity could not be reached by press time for further comment.
The system bested its benchmark for the one-, three- and 10-year periods ended June 30, too, returning -1.81%, 8.7% and 8.3% vs. -5.1%, 6.6% and 6.9%, respectively.
Asset allocation at June 30 was 27% in fixed income, 16% in international stocks, 16% each in large-cap and smidcap U.S. stocks, 12% in commercial real estate mortgages, 9% in real estate equity, and the remainder in alternatives.
