Iowa Public Employees’ Retirement System, Des Moines, returned 15.88% net of fees for the fiscal year ended June 30, surpassing its policy benchmark of 15.36% by 52 basis points, said Judy Akre, spokeswoman for the $28 billion pension fund.
The return also surpassed the 10.12% return from the previous fiscal year and the 7.5% assumed rate as assets increased from $24.8 billion.
Among the various asset classes, real assets, which includes timberland and energy master limited partnerships, returned 25.81%, followed by domestic equity, 24.63%; private equity, 23.33%; international equity, 22.94%; real estate, 11.72%; credit opportunities fixed income, 10.47%; core-plus fixed income, 5.22%; and Treasury inflation-protected securities at 4%.
The pension fund’s target asset allocation is 28% core-plus fixed income, 23% domestic equity, 15% international equity, 13% private equity, 8% real estate, 5% each credit opportunities and U.S. Treasury inflation-protected securities, 2% other real assets and 1% cash, according to its website.
