Maryland State Retirement and Pension System, Baltimore, on Friday announced it returned 0.36% for the fiscal year ended June 30.
The $37.1 billion retirement system beat its policy benchmark for the 12 months by 28 basis points.
The annualized 20-year return for fiscal year 2012 was 6.83% and the 25-year return was 7.85%.
“Most of the system's asset classes added value to the fund, offsetting the negative impact of public equity,” which returned -6.78% for the year, A. Melissa Moye, chief investment officer, said in a statement.
The top-performing asset class was real estate at 8.73%, followed by fixed income at 8.25% and private equity, 7.49%.
Public equity accounts for 42.4% of the portfolio, followed by fixed income at 19.2%; real return, 10%; credit, 7.8%; absolute return, 6.8%; real estate, 6.4%; private equity, 5.7%; and cash at 1.7%.
The system's actuarial return target is 7.75%.
“Taking the long view, the system has on average exceeded the assumed rate of return over the last 25 years, which is a more appropriate measure of performance,” said Nancy Kopp, state treasurer and the system board's chairwoman in a news release.