North Carolina Retirement Systems, Raleigh, returned 15.1% for the year ended Dec. 31 as total assets in the fourth quarter grew to $67 billion from $65.8 billion as of Sept. 30, according to a news release from state Treasurer Janet Cowell, sole trustee for the fund.
The pension fund posted a 2.5% gain for the three months ended Dec. 31.
For the year, the fund’s equity portfolio returned 32.7%; the quarterly return was 4.8%. The fixed-income portfolio recorded a 7.3% gain for 12 months but -0.06% for the quarter; and its real estate holdings sank 33.2% for the year compared with a loss of 2.7% for the quarter.
Global equity accounts for 50.7% of total assets, while fixed income makes up 39%; alternatives, 5.8%; and real estate, 4.5%.
“Even with positive overall returns for the third straight quarter, the effects of the economic downturn and current market uncertainty will continue to impact the value of the pension fund over the coming years,” according to the news release. “Past losses will need to be offset by increased employer contributions to the fund.”
