Iowa Public Employees' Retirement System, Des Moines, returned a net 3.4% for the fiscal year ended June 30, confirmed Shawna Lode, spokeswoman for the $34 billion pension fund.
The net return fell just short of its policy benchmark return of 4%.
For the three, five and 10 years ended June 30, the pension fund returned an annualized net 6.6%, 6.7% and 8.6%, respectively, compared with their respective benchmark returns of 6.8%, 6.9% and 8.8%.
IPERS returned a net 8.4% for the fiscal year ended June 30, 2019.
Fiscal-year returns by asset class were not provided.
The pension fund's target allocation is 28% core-plus fixed income, 22% domestic equities, 17.5% international equities, 11% private equity; 7.5% private real assets, 4% public credit, 6% global smart beta equity, 3% private credit and 1% cash.