Arizona State Retirement System, Phoenix, returned 6.5% in the fiscal year ended June 30, according to a report from CIO Karl Polen in recently released board meeting materials.
The net return was well ahead of its policy benchmark return of 5.2%. For the three, five and 10 years ended June 30, the $40.2 billion pension fund returned an annualized net 9.9%, 6.6% and 10.4%, respectively, all topped the respective benchmark returns of net 7.8%, 4.8% and 9.1%.
The pension fund returned a net 9.4% for the fiscal year ended June 30, 2018.
Among asset classes for which fiscal year return were reported, core fixed income led the way with a return of 7.79%, just below its policy benchmark return of 7.87%, followed by domestic equities, which returned 7.3%, below its policy benchmark return of 8.96%, and international equities, which returned 0.07%, below its benchmark return of 0.26%.