Missouri Local Government Employees Retirement System, Jefferson City, returned a net 7.12% for the fiscal year ended June 30, said Brian K. Collett, chief investment officer, in an email.
The $7.7 billion pension fund fell 31 basis points short of its 7.43% benchmark return for the fiscal year. For the three, five and 10 years ended June 30, LAGERS returned an annualized net 10.9%, 6.8% and 10.9%, respectively, well exceeding the respective benchmarks of 8%, 5.5% and 9.3%.
The pension fund returned a net 13.7% for the fiscal year ended June 30, 2018.
Mr. Collett said the pension fund does not provide returns by asset class.
The pension fund's target allocation is 36% real assets; 35% equities; 31% fixed income; 15% alpha strategies (volatility adjusted to 8%) and 8% strategic assets. Net leverage in the target allocation is -25%.