Mendocino County Employees Retirement Association, Ukiah, Calif., returned a net 9.3% for the fiscal year ended June 30, below the benchmark return of 9.8%, according to preliminary results in a monthly investment report issued in conjunction with a board meeting on July 17.
For the three-, five-, and 10-year periods ended June 30, the $715.1 million MCERA returned a net 2.2%, 7.7% and 6.8% respectively, compared with benchmark returns of 2.9%, 7.7% and 7.1%. In fiscal 2023, MCERA returned a net 8.3%, just above the benchmark return of 8.2%.
By asset class, in the most recent fiscal year, the top performer was domestic equity, which returned a net 20.7%, followed by international equity, at net 8.2%, infrastructure at a net 6.2%, and domestic fixed income, which gained a net 4.4%.
Real estate was the worst performer, dropping a net 11.7% for the fiscal year.
As of June 30, 2024, MCERA's actual asset allocation was 37.5% domestic equities, 24.6% international equities, 20.5% domestic fixed income, 9.8% real estate, 7.6% infrastructure and the remainder in cash.
