Jacksonville (Fla.) City Retirement System posted a net return of 13% for the fiscal year ended Sept. 30.
The $2.2 billion pension fund's return exceeded its policy benchmark return of 11.4% for the period, according to a performance report on its website.
For the three, five and 10 years ended Sept. 30, the pension fund returned an annualized net 5.1%, 4.4% and 6.2%, respectively, compared with the respective benchmarks of 6%, 4.7% and 6.2%.
The pension fund had posted a loss of -15.2% for the fiscal year ended Sept. 30, 2022.
For the most recent fiscal year, the pension fund's top performer was domestic equities, which returned a net 27% (above the benchmark return of 20.5%), followed by international equities at 25.9% (above its benchmark return of 20.4%); diversifying assets, 5.4% (21.1%); fixed income, 3.4% (1.6%); and real estate, -8.7% (-12.8%).
As of Sept. 30, the pension fund's actual allocation was 31.1% domestic equities, 24.8% international equities, 19.7% real estate, 18.8% fixed income, 5.4% diversifying assets and 0.2% cash equivalents.
The target allocation is 30% domestic equities, 23% international equities, 20% fixed income, 15% real estate and 12% diversifying assets.