(updated with correction)
Hawaii Employees’ Retirement System, Honolulu, returned 20.7% on its investments for the fiscal year ended June 30, below its policy benchmark of 21.4%, said Wesley Machida, administrator of the $11.6 billion pension fund.
He said the fund began the fiscal year with total assets of $9.8 billion. “We grew significantly over the past year,” Mr. Machida said in a telephone interview. “Unfortunately for everyone, the market has been so volatile since then.”
The Hawaii fund returned an annualized 3.7% for the three-year period ended June 30, outperforming its policy benchmark of 3.6%, and an annualized 4.8% for the five-year period, meeting its policy benchmark of 4.8%.