Texas Teacher Retirement System returns were flat in the three months ended Sept. 30, said a performance report by investment consultant Hewitt EnnisKnupp that was presented to the Austin-based pension fund's board of trustees at their meeting Thursday.
The flat quarterly return trailed the 0.6% return of the pension fund's policy index.
Pension fund assets were $129 billion as of Sept. 30, a drop of 0.8% from June 30. HEK's board materials showed that the pension fund's withdrawals totaled $1.3 billion in the quarter, while investment earnings were $49 million.
Longer term, returns of the pension fund surpassed its policy index in every measured period as of Sept. 30:
- Year-to-date, 6.9% (benchmark, 6.8%);
- One year, 11.4% (benchmark, 10.9%);
- Three years, 12.3% (benchmark, 11.4%);
- Five years, 10.6% (benchmark, 9.8%);
- 10 years, 7.3% (benchmark, 7%);
- Since inception (July 1, 1991), 8.9% (benchmark, 8.4%).
Multiyear returns are annualized.