Minnesota State Board of Investment, St. Paul, returned 4.4% net of fees on its investments for the fiscal year ended June 30, Mansco Perry III, the board's executive director and chief investment officer, told the board's investment advisory committee Tuesday.
The return was above the 4% benchmark and helped bring its overall assets to $82 billion, up from $79.8 billion a year earlier.
The board's U.S. equity portfolio, with 45% of total assets, returned 7.7% vs. 7.3% for the benchmark Russell 3000 index. Fixed income, at 18% of assets, returned 2.1% vs. the Barclays Capital U.S. Aggregate Bond index's 1.9%. Its 20% alternatives portfolio returned 7.6%; no benchmark is applied to its alternative investments.
International equity, at 15% of assets, lost 3.8% in the year ended June 30, affected in part by losses related to the Greek debt crisis in the second quarter. However, the portfolio outperformed the benchmark MSCI All-Country World ex-U.S. index's -5.3% return.
The remainder of the board's assets are in cash.
