North Carolina Retirement Systems, Raleigh, returned 9.4% for the 12-month period ended Sept. 30, but the $88.4 billion fund lost 1% in the quarter, state Treasurer Janet Cowell reported Wednesday.
North Carolina’s public equity portfolio, which represents 43% of assets, dropped 2.9% in the quarter and was up 10.9% for the 12-month period. Fixed income, at 30% of assets, gained 0.4% for the quarter and 5.9% for the year.
The strongest performer was non-core real estate, which gained 4.7% for the quarter and 17.9% for the year. Private equity gained 1.8% for the quarter and 17.5% for the year.
Ms. Cowell said in a statement that while stock market gains this year “are leveling off,” recent diversification moves “should create stability in the pension fund over the long term.”
The current strategic allocation targets are 42% equity, 28% fixed income, 7% opportunistic fixed income, 6% each private equity and inflation strategies, 5% core real estate, 3% non-core real estate, 2% multistrategy and 1% cash.