The $19.6 billion Los Angeles Water & Power Employees' Retirement Plan earned a net 26.5% for its fiscal year ended June 30, outperforming its 25.2% benchmark.
The plan returned a net 11.3% annualized for the five years compared with its 11.1% benchmark and 9.03% for the 10-year period ended June 30, flat against its 9.04% benchmark.
Los Angeles Water & Power Employees' Retirement Plan returned a net 3.5% for the fiscal year ended June 30, 2020.
The pension plan's top-performing asset class for the fiscal year was private equity with a 50.1% return, underperforming its 67.2% benchmark, followed by domestic equities, which returned a net 43.7%, underperforming its 44.2% benchmark. International equities earned a net 36.2%, below its 37.2% benchmark; real return at 16.8%, outperforming its 6.5% benchmark; real estate returned 4.3%, outperforming its 3.1% benchmark; fixed income at 4%, outperforming its 3.1% benchmark; and cash returned 0.2% vs. its 0.09% benchmark.
The plan's target asset allocation is 28.2% total domestic equity, 25% fixed income, 19.1% total international equity, 8% real estate, 6% private equity, 5% each real return and hedge funds, 2.7% global equity and 1% cash.
As of June 30, the plan had 29.7% in domestic equity, 21.7% fixed income, 20.9% international equity, 8.1% private equity, 6.4% real estate, 4.7% real return, 3.4% global equity and 1.1% cash.
