Hawaii Employees posts 12% return for fiscal year

Hawaii Employees' Retirement System, Honolulu, returned 12% for the fiscal year ended June 30, outpacing its custom benchmark by 40 basis points, said Vijoy Chattergy, chief investment officer.

Domestic equity was the top performer for the fiscal year with a 21.2% return, followed by real estate, 12.6%; international equity, 12.1%; private equity, 8.9%; covered calls, 6.6%; fixed income, 2.8%; and real return, 0.3%.

Mr. Chattergy said every manager provided a positive return for the year except a global TIPS portfolio managed by BlackRock (BLK) and two private-market funds with minimal assets.

The pension fund ended the fiscal year with $12.3 billion in assets.