New Hampshire Retirement System, Concord, posted a net return of 8.5% for the fiscal year ended June 30, below its benchmark return of 12.4%, according to preliminary figures included in the agenda materials for the Aug. 13 board meeting.
For the three-, five- and 10-year periods, the $12.2 billion pension fund returned an annualized net 3.3%, 7.6% and 7%, respectively, compared with their respective benchmark returns of 4.1%, 8% and 7.4%.
NHRS had returned a net 8.2% in fiscal 2023.
As of June 30, on a preliminary basis, the actual allocation was 32.4% domestic equity (30% target); 19.2% fixed income (25%); 19% non-U.S. equity (20%); 13.8% private equity (10%); 9.3% real estate (10%); 4.7% private credit (5%) and 1.6% in cash (zero).
By asset class, the top performers were domestic equity (19% net return), followed by non-U.S. equity (11.3%); cash (5.5%); private credit (4.7%); fixed income (3.5%); and private equity (3.4%).
Real estate fared the poorest, returning a net -7.1%.
