Connecticut Retirement Plans & Trust Funds, Hartford, returned a net 12.8% for the calendar year 2023.
The returns data were presented by Treasurer Erick Russell on March 20 during a meeting of Connecticut’s Investment Advisory Council, said a news release issued on that date.
In calendar 2022, the fund returned -10.3%, confirmed a spokesperson. The fund’s fiscal year ends on June 30.
According to an agenda package for the March 13 IAC meeting, the pension fund slightly underperformed the benchmark return of 13.1% for calendar 2023.
For the five-year and 10-year periods, the $53.7 billion fund returned an annualized 8.1% (benchmark 7.6%) and an annualized 6.5% (benchmark 6.2%), respectively.
By asset class, the top performers for calendar 2023 were global equity, which returned a net 22.9%, followed by global fixed income (8.1%) and alternative investments (1.8%). Another asset class category, called the "liquidity fund" returned a net 5.8%.
Within the global equity asset class, domestic equity returned a net 26%, followed by developed international equity (20%) and emerging market equity (14.2%).
Within the global fixed income asset class, noncore fixed income returned a net 13.3%, followed by emerging markets debt (11.8%) and core fixed income (5.7%).
Within alternative investments, private credit, infrastructure and private equity gained a net 9.1%, 8.3% and 5.6%, respectively. On the other side of the ledger, real estate declined 6.4% and absolute return/risk mitigating strategies slipped 1.2%.
As of Dec. 31, 2023, the actual asset allocation was 29.1% domestic equity, 14.8% core fixed income, 12.5% developed international equity, 11% private equity, 6.6% real estate, 5.5% emerging markets equity, 5.2% noncore fixed income, 4.7% absolute return/risk mitigating strategies, 4.3% private credit, 2.6% infrastructure, 2.5% liquidity fund and 1% emerging markets debt. The spokesperson confirmed these figures do not add up to 100% due to rounding.
