New York State Common Retirement Fund, Albany, posted a -4.1% net return on its investments for the fiscal year ended March 31, Thomas P. DiNapoli, the state comptroller and sole trustee of the pension fund, reported Thursday.
The pension fund had $248.5 billion in assets as of March 31, down 8.7% from a year earlier. The pension fund returned a net 9.5% for the fiscal year ended March 31, 2022.
The pension fund's assumed rate of return is 5.9%.
"Recent months have been trying for investors, but thanks to the state pension fund's diverse investments, members, retirees and beneficiaries can rest assured their pensions are secure," Mr. DiNapoli said in a news release.
"There is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well positioned to weather these storms," he added.
Among asset categories, the best performer was real assets, which returned a net 14.2%; followed by real estate, 5.7%; and cash, 2.8%.
The worst performers were domestic equities, which returned a net -8.3%; global equities, -5.7%; and multiasset strategic partnerships, -5.5%.
As of March 31, the pension fund's actual allocation was 44.1% public equity; 21.5% cash, bonds and mortgages; 14.6% private equity; 13.4% real estate and real assets; and 6.4% credit, absolute return strategies and opportunistic alternatives.