Fresno County (Calif.) Employees' Retirement Association returned a net 10.2% for the fiscal year ended June 30, slightly above the benchmark return of 10%, according to a recent investment performance review.
In fiscal 2023, FCERA returned a net 9.2%.
For the three-, five- and 10-year periods through June 30, 2024, FCERA returned a net 3%, 6.8% and 5.7%, respectively, compared with benchmark returns of 3.1%, 7.5% and 5.9%.
The $6.61 billion pension plan's actual asset allocation as of June 30, 2024, comprised 28.6% domestic equity (target 29%); 20.5% global fixed income (22%); 19.9% international equity (21%); 8.4% private equity (8%); 7.7% real estate (8%); 7% private credit (8%); 5.1% infrastructure (5%); 2.2% cash (0%); and the remainder in other assets.
By asset class, the top performer was domestic equity which returned a net 20.4% (below the benchmark of 23.1%), followed by international equity at a net 11.9% (11.6%), total fixed income at a net 6.6% (6.2%) and infrastructure at net 3% (-10%).
The poorest performer was real estate at a net -9.8% (-10%).
Returns for private equity and private credit were lagged by one quarter. Private equity returned a net 10.2% (22.1%), while private credit returned a net 3.5% (13.4%).
