Idaho Public Employee Retirement System, Boise, posted a 9.6% return for the fiscal year ended June 30.
The $22.4 billion pension fund's return fell below the benchmark of 13.1% for the period, according to an investment report on its website.
For the five years ended June 30, PERSI returned an annualized 7%, above the benchmark return of 6.9%.
The pension fund returned -9.5% for the fiscal year ended June 30, 2022.
For the most recent fiscal year, the report did not say whether the returns were gross or net of fees.
The return reflected a recovering equity market environment this past year. The Russell 3000 index returned 18.9% for the year ended June 30, compared with -13.9% the previous year.
Among the pension fund's asset classes, global equity performed the strongest for the year ended June 30, with a return of 21.3% (above its 19.3% benchmark); followed by domestic equities, 12.6% (19% benchmark); international equities, 8.8% (19.4%); and fixed income, -0.9% (-0.9%).
PERSI's domestic equities asset class includes private equity and private real estate.
As of June 30, the actual allocation was 36.9% domestic equities, 29.2% fixed income, 20.7% global equity and more than 13% in international equities.
