Florida posts 29.5% for fiscal year, surpassing its benchmark

Florida Retirement System, Tallahassee, returned a net 29.5% for the fiscal year ended June 30, said a report posted on the website for the Florida State Board of Administration, which oversees the money management of the $199.6 billion pension fund.

The fiscal-year return exceeded its primary benchmark return of 26.3%.

For the three, five and 10 years ended June 30, the pension fund returned an annualized net 12.3%, 12% and 9.3%, respectively, above the respective benchmark returns of 11.2%, 10.9% and 8.4%.

The board previously posted a net return of 3.1% for the fiscal year ended June 30, 2020.

By asset class, private equity led the way with a net return of 68.5% (above its benchmark return of 44%), followed by global equities at 41.8% (41%), strategic investments at 17.1% (16%), real estate at 8.6% (4.6%), fixed income at 1.1% (0.05%), and cash and cash equivalents at 0.1% (0.08%).

As of June 30, the pension fund's actual allocation was 55.2% global equities, 17.3% fixed income, 9.1% strategic investments, 8.7% private equity, 8.4% real estate, and 1.3% cash and cash equivalents.

The target allocation is 53% global equities, 18% fixed income, 12% strategic investments, 10% real estate, 6% private equity, and 1% cash and cash equivalents.

John Kuczwanski, spokesman for the FSBA, could not be immediately reached to provide additional information.