New York State Common Retirement Fund, Albany, posted an estimated net return of 3.38% for the three months ended June 30, the first quarter of its fiscal year.
"The fund is off to a strong start this fiscal year," said Thomas P. DiNapoli, state comptroller and sole trustee of the pension fund, in a news release Monday. "Markets have been volatile, however, warranting caution from investors. Longer term, we continue to take a conservative approach and closely examine our 7% target rate of return to determine if it is due for an adjustment as a matter of prudent fiscal management."
The pension fund's estimated assets rose to $216.2 billion as of June 30, up from $197.3 billion as of Dec. 31.
As of Dec. 31, the pension fund's asset allocation was 38.6% domestic equity; 24.8% cash, bonds and mortgages; 15.3% international equity; 9.2% private equity; 8.5% real estate and real assets; 3.6% absolute-return strategies and opportunistic alternatives.
The pension fund reported an estimated return of 5.2% for the quarter ended March 31 and -7.2% for the quarter ended Dec. 31.