Fresno County (Calif.) Employees' Retirement Association returned a net 18.7% for the year ended Sept. 30, above its benchmark of 17.8%, according to the latest quarterly performance report.
For the three, five and 10 years through Sept. 30, FCERA returned a net 4.9%, 8% and 6.4%, respectively, compared with benchmark returns of 4.5%, 8.5% and 6.6%.
For the year ended Sept. 30, 2023, FCERA returned a net 11.7%, ahead of its benchmark of 9.1%.
The $7 billion pension plan's actual asset allocation as of Sept. 30, 2024, was 29.4% domestic equity (target 29%); 20.4% global fixed income (22%); 20.3% international equity (21%); 8.1% private equity (8%); 7.4% real estate (8%); 6.6% private credit (8%); 5% infrastructure (4%); 2% cash (zero); and the remainder in other assets.
By asset class, the top performer for the one-year period was domestic equity, which returned a net 37.4% (above its benchmark of 35.2%), followed by international equity at a net 24.4% (25.4%), fixed income at a net 13.3% (12.6%); infrastructure at net 6.3% (-8%) and cash at net 3.8% (5.5%).
The poorest performer was real estate at a net -8.8% (-8% benchmark).
Returns for private equity and private credit lagged by one quarter. Private equity returned a net 9.1% (12.3%), while private credit returned a net 8.8% (12.6%).
FCERA’s fiscal year ends June 30.
