Minnesota State Board of Investment, St. Paul, returned 0.1% on its investments in the first quarter and 12.7% for the 12 months ended March 31, compared to its custom benchmark returns of -0.2% and 12%, respectively, according to a report presented Monday to the board's investment advisory council.
Assets managed by the board increased 0.1% in the first quarter, to $93.5 billion as of March 31.
The board's 60% public equity portfolio returned -0.6% in the latest quarter and 15.2% for the 12-month period, both ended March 31, vs. the portfolio's custom benchmark returns of -0.8% and 14.7%, respectively, and its 15.8% fixed-income portfolio returned -1.4% for three months and 1.7% for 12 months, vs. -1.5% and 1.2%, respectively, for the benchmark Bloomberg Barclays U.S. Aggregate Bond index; and its 13.8% private markets investments returned 4.6% for the quarter and 17.7% for the year. The portfolio does not have a corresponding direct benchmark.
The board's 8.9% Treasury allocation, created in January, does not yet have performance figures. The remaining 1.5% of assets is in cash.
Separately, Mansco Perry III, executive director and chief investment officer, told the council that the board's investment staff would review the investment options of the $6.4 billion Minnesota Deferred Compensation Plan, St. Paul. The review was listed as part of Mr. Perry's fiscal year 2019 work plan.
The 457 plan currently has four active investment options managed by Vanguard Group, T. Rowe Price Group, Fidelity Investments and Dodge & Cox; two active options managed by the state board; five passive mutual fund options managed by Vanguard; and a target-date fund suite managed by State Street Global Advisors. Empower Retirement is the record keeper.