Austin Police fund returns 1.3%, misses benchmark

Austin (Texas) Police Retirement System returned a net 1.3% for the year ended June 30, trailing the $809 million defined benefit plan's 4% benchmark return, an investment report showed.

The fund's net return for the year ended June 30, 2019 was 4.3%, while its benchmark was 6.9%.

The fund's net annualized performance also trailed the fund's benchmark over longer reported time periods ended June 30 with a 4.6% return over three years (benchmark, 6.9%); five years, 4.7% (7.1%); seven years, 5.3% (8.1%); and 10 years, 6% (9.4%).

APRS' asset allocation as of June 30 was domestic equity, 47.4%; international equity, 14.3%; real estate, 13%; core fixed income, 5.6%; non-core fixed income, 4.5%; multiasset funds, 4.5%; other equity, 4.1%; other fixed income, 3.1%; timber, 2%; cash, 1.1%; and other 0.4%, according to the performance report.

Net asset class returns in the 12 months ended June 30 were led by domestic equity, 4% (benchmark, 6.5%); real estate,1.7% (2.7%); cash, 1.4% (no benchmark); multiasset, 0.2% (0.5%); total fixed income (including core and non-core), -0.8% (6.3%); other equity, -1.3% (no benchmark); timber, -3.7% (0.3%); international equity, -4.6% (-4.4%); and other fixed income, -5.7% (no benchmark).

APRS' fiscal year end is Dec. 31.