Louisiana Teachers' Retirement System, Baton Rouge, returned a preliminary net -1.2% for the fiscal year ended June 30.
The $20 billion pension fund's preliminary net return fell below its policy benchmark of 3.4%, an investment report on its website shows.
For the five and 10 years ended June 30, the pension fund returned an annualized net 6.5% and 9.2%, respectively, below the respective benchmarks of 7.1% and 9.3%.
TRSL returned a net 6.2% for the fiscal year ended June 30, 2019.
Domestic fixed income led all asset classes for the fiscal year ended June 30, with a preliminary net return of 8.8% (above its policy benchmark of 8.7%), followed by domestic equities at a gross 3.5% (below its benchmark of 6.5%); real estate, 3.4% (6.3%); global fixed income, 0.4% (4.2%); international equities, -1% (-5.1%); emerging markets debt, -5.9% (-2.8%); alternative assets, -6.3% (5.1%); and global real estate investment trusts, -14.3% (-16.3%).
As of June 30, the actual allocation was: 27.2% domestic equities; 26.9% alternative assets; 17.9% international equities; 9.7% real estate; 8.6% global fixed income; 6.4% domestic fixed income; 1.4% emerging markets debt; 1.1% global REITs; and 0.8% cash.
