Los Angeles City Employees' Retirement System earned a net return of 1.1% for the fiscal year ended June 30, underperforming its benchmark of 4%.
The pension plan also underperformed its benchmark for all other time periods. LACERS earned an annualized net return of 5.3% for the three-year period compared to its 6.5% benchmark; 5.79% for the five years (6.64% benchmark); and 8.52% for the 10 years (9% benchmark).
The best performing asset class for the year ended June 30 was core fixed income with a net return of 9.27%, which outperformed its benchmark of 8.7%. Other returns were U.S. equity, 4.68%, (6.53% benchmark); public real assets, 1.47% (-2.3% benchmark); private real assets, 0.67% (5.7% benchmark); real estate, -0.55% (3.04% benchmark); credit opportunities, -1.4% (0.2% benchmark); and -3.9% for non-U.S. equity (-4.8%).
The worst performing asset class for the fiscal year was private equity with -4.2%, underperforming its benchmark of 9.71%.