North Carolina Retirement Systems, Raleigh, returned 2.24% in the first quarter, with positive returns in all asset classes.
State Treasurer Janet Cowell reported Thursday that the $87.4 billion pension fund returned 10.88% in the 12-month period ended March 31, compared to a 7.25% target rate of return.
Global equity returned 1.38% for the quarter and 19.46% for the 12-month period. Fixed income returned 2.88% for the quarter, but was down 0.46% for the year.
For the quarter, credit strategies returned 3.55%, while real estate rose 3.36%, private equity and other alternatives increased 3.48%, and the inflation-protection portfolio rose 3.02%.
The current asset allocation for the pension fund is 47% global equity, 31% fixed income, 8% real estate, 5% alternatives, 5% credit, 3% inflation and 1% cash.
Ms. Cowell, the sole trustee, said in a statement that the investment division will continue to diversify its portfolio.