The entire coastline of Honolulu, Hawaii including the base of Diamond Head crater and state park.
Hawaii Employees' Retirement System, Honolulu, returned a gross 1.3% for the fiscal year ended June 30.
The $17.2 billion pension fund's return exceeded its benchmark of 0.7%, according to a performance report posted on its website.
For the three and five years ended June 30, the pension fund returned an annualized gross 5% and 5.5%, respectively, above the respective benchmarks of 4.3% and 4.9%.
The pension fund returned a gross 5.8% for the fiscal year ended June 30, 2019.
By asset class, the pension fund's crisis risk offset portfolio returned a gross 6.5%, above its benchmark of 5.6%; the real return portfolio returned a gross 5.6%, above its benchmark of 3.7%; the principal protection portfolio returned a gross 4.5%, below its benchmark of 5.6%; and the broad growth portfolio returned a gross -0.4% for the fiscal year ended June 30, above its benchmark of -1.9%.
As of June 30, the actual allocation was: 74.2% broad growth, 14% crisis risk offset, 4.7% other, 4.5% principal protection, 2.4% real return and 0.2% opportunities.
The pension fund's target allocation is 68% broad growth portfolios, 16% crisis risk offset and 8% each, principal protection and real return portfolios.
Elizabeth Burton, chief investment officer, was not available to provide further information by press time.
