Connecticut Retirement Plans and Trust Funds, Hartford, returned an estimated 21% for the fiscal year ended June 30, the highest in 23 years, Denise L. Nappier, state treasurer and principal fiduciary of the pension system, said in a news release.
Assets grew to an estimated $25.2 billion, a 15% increase from 12 months earlier, the news release said.
The improvement in investment returns was led by gains in domestic equity and emerging-markets equity investments, according to the news release.
“As encouraging as this news may be, we must be mindful of the somber outlook for capital market returns going forward,” Ms. Nappier said in the release. “The overall economy continues to show troubling signs of weakness. Persistently high unemployment, coupled with sluggish growth, suggests that the recovery we see on the horizon may take us several years to reach.”
Audited results would be available in about two weeks, Jonathan Harris, deputy treasurer, said in an interview Thursday.