Los Angeles County Employees Retirement Association, Pasadena, returned 1.8% for its fiscal year ended June 30, missing its 2% benchmark.
The $58.2 billion pension fund earned an annualized 5.7% for the three years, below its 6.1% benchmark; 6.1% for the five years, just shy of its 6.3% benchmark; and 8.1% for the 10 years, even with its benchmark. LACERA has a 7.25% expected rate of return.
The best performer in the fiscal year was LACERA's risk reduction and mitigation asset class at 7.5% vs its 7.7% benchmark. That was followed by its growth asset class at 2.1%, outperforming its -0.4% benchmark; -2.9% for credit vs 2.4% for the benchmark; and -4.5% for real assets and inflation hedges vs -1.3% for the benchmark.