LACERS produces 6.8% fiscal-year return

Los Angeles City Employees' Retirement System reported earning a net 6.8% return for the fiscal year ended June 30, outperforming its 5.8% benchmark, a report for the board states.

The $21.6 billion pension fund earned an annualized net 8.6% for the three years ended June 30, outpacing its 7.1% benchmark; 6.5% for five years, above its 6.4% benchmark; and 7.5% for 10 years vs its 7.4% benchmark, according to a report for the board’s Sept. 12 meeting.

LACERS posted a net return of 0.1% for the fiscal year ended June 30, 2022.

LACERS’ top-performing asset class for the fiscal year was U.S. equity with a net 18.7% return, which underperformed its 19% benchmark. The fund’s worst-performing asset class was private real estate with a net -4.9%, which outperformed its -9.3% benchmark.

LACERS actual allocation as of June 30 was 25.3% non-U.S. equity, 20% U.S. equity, 18.9% in private equity, 13.8% in core fixed income, 12.8% in real assets, 8.5% in credit opportunities and the rest in cash.