The New Jersey Pension Fund, Trenton, posted a net return of -2.47% for the 10 months ended April 30, a result of the coronavirus impact on the economy, the state's division of investment reported Wednesday. The benchmark for the period was a net return of 0.72%.
The division, a unit of the state Department of the Treasury, noted that investment returns in April represented a comeback from early in 2020. For example, the pension fund had $71.3 billion in assets as of March 31, but it had $75.1 billion as of April 30, according to a report by the division, which makes investments for the pension fund. The net return for March was -7.31%, but the net return for April was 4.47%, said the report presented at a meeting of the State Investment Council, which formulates policies for the division of investment. The meeting was held by telephone rather than at its traditional location in Trenton.
Still, the coronavirus has had a long-term impact on the pension fund's returns. For the 12 months ended April 30, the pension fund had a net -1% return vs. a benchmark of 2.03%.
For the three years annualized through April 30, the net return of 4.96% trailed the benchmark of 6.14%. For the five years annualized through April 30, the net return was 4.89% vs. a benchmark of 5.67%. The 10-year annualized net return of 7.09% beat the benchmark of 7.04%.