The New York State Common Retirement Fund, Albany, posted a return of 5.28%, net of fees, for the three months ended Dec. 31, the third quarter of the $225.9 billion pension fund's fiscal year. Both figures are estimates.
"A strong upswing in the markets to close out 2019 boosted the fund's returns in its third quarter," said Thomas DiNapoli, the state comptroller and sole trustee of the fund, in a news release Monday.
For the three months ended Sept. 30, the fund recorded an estimated return, net of fees, of 1.16%. Assets for this second quarter of the fund's fiscal year was $215.4 billion.
"Volatility remains the defining characteristic of the investment landscape," Mr. DiNapoli said in describing the most recent results. "As we approach the fund's fiscal year end, we will maintain our conservative approach and keep a close eye on investment returns."
For the third quarter of 2018, the fund's return was -7.2%, with assets of $197.3 billion.
The fund's largest asset allocation categories were domestic equity (38.6%), cash, bonds and mortgages (23.9%) and international equity (16%). Other asset categories were private equity (9.4%), real estate and real assets (8.6%), and absolute return strategies and opportunistic alternatives (3.5%).