North Carolina Retirement Systems, Raleigh, returned 15.88% for the fiscal year ended June 30, and total assets reached $90.1 billion, state Treasurer Janet Cowell reported Wednesday.
The fiscal year return easily outpaced the pension system's 7.25% target rate of return and 15.37% return of its custom benchmark. Ms. Cowell, in a statement, credited “strategic, incremental diversification efforts” for the results.
Equities returned 24.66% in the fiscal year; private equity, 18.27%; credit strategies, 12.9%; real estate, 12.03%; inflation protection, 8.21%; and fixed income returned 6.04%.
The current allocation is 46.9% equity, 30.4% fixed income, 8.4% real estate, 4.8% alternatives — including private equity and hedge funds — 5.3% credit strategies, 3.4% inflation strategies and 0.8% cash.
For the second quarter, the pension fund returned 3.87%. Alternatives returned 6.4%; equities, 4.67%; real estate, 4.08%; fixed income 2.69%; credit strategies 2.56%; and inflation protection, 2.54%.
