Fresno County (Calif.) Employees' Retirement Association returned a net 9.3% for the year ended Dec. 31, below its benchmark of 10.1%, according to the latest quarterly performance report.
For the three, five and 10 years through Dec. 31, FCERA returned a net 3.2%, 6.4% and 6.2%, respectively, compared with benchmark returns of 3.3%, 7.5% and 6.7%.
For the year ended Dec. 31, 2023, FCERA returned a net 13.1%, ahead of its benchmark of 10.6%.
The $6.86 billion pension plan's actual asset allocation as of Dec. 31, 2024, was 30.1% domestic equity (target 29%); 20.5% global fixed income (22%); 19.1% international equity (21%); 8.3% private equity (8%); 7.6% real estate (8%); 6.7% private credit (8%); 5.2% infrastructure (4%); 1.9% 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 23% (below its benchmark of 23.8%), followed by international equity at a net 5.8% (5.5%), infrastructure at net 5.8% (-2.3%); fixed income at a net 5.4% (4.4%); and cash at net 2.6% (5.3%).
The poorest performer was real estate at a net -5.2% (-2.3% benchmark).
Returns for private equity and private credit lagged by one quarter. Private equity returned a net 4.7% (29.3%), while private credit returned a net 7.5% (18.1%).
FCERA’s fiscal year ends June 30.
