New York state Comptroller Thomas P. DiNapoli said over the weekend in an email addressing the COVID-19 pandemic that the New York State Common Retirement Fund, Albany, is well-positioned to weather the current market volatility.
Mr. DiNapoli, who is sole trustee of the $225.9 billion pension fund, said while the pension fund faces challenges in the midst of market turmoil as it approaches the end of its fiscal year March 31, he said the "state's retirement system is well-funded."
"We take a conservative approach to investing, focused on sustained, long-term results. For some time, we've been making adjustments in expectation of a downturn in the economy," Mr. DiNapoli wrote. "We're actively managing through these difficult times and are confident the markets will ultimately recover.
In the most recent quarter ended Dec. 31, the pension fund returned a net 5.28% thanks to an upswing in the markets to close out the year. The pension fund returned a net 5.2% for the fiscal year ended March 31, 2019.
As of Dec. 31, the actual allocation was 38.6% domestic equities; 23.9% cash, bonds and mortgages; 16% international equities; 9.4% private equity; 8.6% real assets; and 3.5% absolute-return strategies and opportunistic alternatives.
