The Maryland State House in Annapolis.
Maryland State Retirement & Pension System, Baltimore, returned a net 6.9% for the fiscal year ended June 30, outperforming its benchmark return of 6.3%, its board of trustees announced.
For the three, five and 10 years ended June 30, the pension fund returned an annualized net 2.3%, 7% and 6.3%, respectively, compared with their respective benchmarks of 1.6%, 6.1% and 5.7%.
The $68 billion pension fund returned a net 3.1% for the fiscal year ended June 30, 2023.
“Our strategic mix of public and private market investments has enabled the system to earn the target return over time, participating in strong public market environments, such as fiscal year 2024, and providing a level of protection during difficult times through the more stable private market valuation practices,” CIO Andrew C. Palmer in a news release.
By asset class, public equity returned a net 17.9% (above its 17.2% benchmark); followed by multiasset strategies 9.9% (6.3% benchmark); credit 9.8% (10.3%); absolute return 5.9% (8.4%); private equity 5.2% (6.3%); rate sensitive -1.1% (-1.2%); and real assets -2.8% (-5.4%).
As of June 30, the actual allocation was 30.7% public equities, 21.6% private equity, 16.5% rate-sensitive assets, 14.2% real assets, 8.9% credit, 5.8% absolute return, 0.4% multiasset strategies and the rest in cash.
