Santa Barbara County (Calif.) Employees' Retirement System returned a net 7.74% for the fiscal year ended June 30, said Lauren Thompson, the assistant CEO of the $3.2 billion pension fund, in an email.
The return exceeded its policy benchmark of 7.29% by 45 basis points. For the three, five and 10 years ended June 30, the pension fund returned an annualized net 8.68%, 5.49% and 8.76, respectively, compared to their respective benchmarks of 8.83%, 5.89% and 8.67%. The pension fund returned a net 7.8% for the fiscal year ended June 30, 2018.
By asset class, private equity led the way with a net return of 13.64% for the fiscal year ended June 30, according to a flash report posted on the pension fund's website. Following were domestic equities, with a net return of 11.05%; real estate at 9.5%; core fixed income, 7.62%; real return, 6.27%; emerging markets equities, 5.8%; non-core fixed income, 5.43%; and international equities, 1.78%.
Benchmark information for asset classes was not immediately available.
As of June 30, the actual allocation was: 20.9% domestic equities; 16.2% real return; 15.1% core fixed income; 11.1% international equities; 9.3% private equity; 9.2% non-core fixed income; 8.9% real estate; 8.1% emerging markets equities; and the rest in cash.
The pension fund's target allocation is: 19% domestic equities; 17% core fixed income; 15% real return; 11% each, international equities and non-core fixed income; 10% each, private equity and real estate; and 7% emerging markets equities.