New York State Common Retirement Fund, Albany, returned an estimated 5.96% on its investments for the fiscal year ended March 31, Thomas DiNapoli, state comptroller and sole trustee of the fund, said Wednesday.
For the fiscal year ended March 31, the retirement fund's assets grew to an estimated $150.3 billion, up 2.6% from 12 months earlier when the retirement plan posted a 14.6% return.
The latest asset and return figures are estimates based on unaudited numbers. Audited figures will be available in late summer.
Mr. DiNapoli said in a teleconference that he was pleased that the pension fund's diversified portfolio had enabled the fund to “weather” global market volatility, especially as European markets remain weak and would appear to be troublesome for several more years.
New York State Common's 38% domestic equity allocation returned 6.9%. Mr. DiNapoli forecast steady long-term growth in the U.S. for equities. Fixed income, at 27.5% of fund assets, returned 9% because the retirement fund invested in “very safe” investment-grade products, Mr. DiNapoli said, while the 13.6% international equity allocation returned -6.4%. primarily because of weak European markets.
Private equity, which represents 8.3% of assets, returned 9.6%, while real estate, with an asset allocation of 6.1%, returned 17.6%.