Fresno County (Calif.) Employees' Retirement Association returned a net 9.2% for the fiscal year ended June 30, above the benchmark return of 7.5%, according to an investment performance review included among the minutes from the Sept. 6 board meeting.
For the three-, five-, 10-, 15- and 20-year periods through June 30, FCERA returned a net 7.6%, 5.9%, 6.3%, 6.1% and 7.1%, respectively, compared with benchmark returns of 8.3%, 6.7%, 6.5%, 5.9% and 6.6%.
The $6.1 billion pension plan's actual asset allocation as of June 30, 2023, comprised 28% domestic equity, 20.9% global fixed income, 19.6% international equity, 8.9% real estate, 8.2% private equity, 7.4% private credit, 4.9% infrastructure, 1.4% cash and equivalents, and 0.7% other.
By asset class, the top performer was domestic equity which returned a net 18.7% (slightly above the benchmark of 18.6%), followed by international equity at a net 14.5% (12.7%), infrastructure at net 9.7% (-10.7%) and fixed income at a net 2.7% (3.7%).
The poorest performer was real estate at a net -5.7% (-10.7%).
Returns for private equity and private credit were lagged by one quarter. Private equity returned a net -0.6% (-9.8%), while private credit returned a net 5.2% (-1.4%).
In fiscal 2022, FCERA returned a net -11.2%, according to the investment performance review.
