North Carolina State Investment Fund Inc., Raleigh, returned 2.1% for the fiscal year ended June 30.
The return fell short of the fund's policy benchmark return of 3.5% for the same period, according to a financial report posted on its website.
For the three, five and 10 years ended June 30, the fund returned an annualized 6.9%, 6.2% and 8.4%, respectively, above the respective benchmarks of 5.6%, 5.5% and 8%.
Returns by asset class were not provided. Whether the returns were gross or net of fees could not be immediately learned.