Rhode Island Employees' Retirement System, Providence, returned a net 2.22% for the fiscal year ended June 30, trailing the policy benchmark’s 2.47% return, state Treasurer Seth Magaziner’s office reported Monday.
The pension fund ended the fiscal year with $8 billion in assets. It has a long-term assumed rate of return of 7.5%. As of June 30, the system posted an annualized return of 9.3% over the previous three years, 9.8% over the previous five years and 6.1% over the past 10 years.
Asset class returns for the fiscal year were not provided.
The pension fund returned 0.41% for the quarter ended June 30, lagging the policy benchmark’s 0.54% return. Bonds returned -1.68%, while stocks returned 0.35% return global equities and 0.28% for domestic equities.
In the quarter, the retirement system's strongest-performing asset classes were private equity (5.5%), real estate (2.9%) and equity hedge funds (0.9%). The worst-performing asset classes for the quarter were infrastructure (-5.9%) and master limited partnerships (-2.6%), which were both affected by the weakness in oil prices.
