South Dakota Retirement System, Pierre, had a net return of 4.9% for the fiscal year ended June 30, said Tammy V. Otten, assistant investment officer at the South Dakota Investment Council, which oversees the management of the $12.2 billion pension fund.
The return fell well below the benchmark of 7.9%.
For the three, five and 10 years ended June 30, the pension fund returned an annualized net 8.8%, 6.1% and 11.1%, respectively. Benchmark information for those periods was not available.
The pension fund returned a net 7.9% for the fiscal year ended June 30, 2018, beating the benchmark of 7.3%.
Individual asset class returns for the current fiscal year were not provided.
As of June 30, the pension fund's actual allocation was: 34% global equities; 24% cash; 14% investment-grade fixed income; 8% each, opportunistic real estate and private equity; 7% high-yield real estate debt; and the rest in aggressive absolute return and aggressive high-yield corporate debt.