New York State Teachers' Retirement System, Albany, posted a 29% net return for the fiscal year ended June 30, above its 25.4% benchmark, according to an annual report posted on the pension system's website.
"The increase in the investment value as of June 30, 2021, is attributable to appreciation of the investment portfolio due to particularly strong market performance, net of benefit payments," the annual report said.
The net return for the fiscal year ended June 30, 2020, was 3.32%. The benchmark was 5.3%.
For the just completed fiscal year, total assets rose to $148.1 billion compared with the $120.5 billion for the fiscal year ended June 30, 2020.
"The system's funded ratio, a comparison of the actuarial value of assets to the accrued pension benefit liability, was 98.9% as of the 2020 valuation," the annual report said.
For multiyear periods ended June 30, the annualized net return for the three years ended June 30, 2021 was 12.6%, just below the 12.7% benchmark. The five-year net annualized return of 11.9% matched the benchmark. The 10-year net annualized return of 10.1% exceeded the benchmark of 10%.The 30-year net annualized return of 9.2% outpaced the benchmark of 8.9%.
As of June 30, the pension system's largest allocations were domestic equity at 34.2% of total assets; international equity, 17%; domestic fixed income, 12.9%; real estate equity, 10.2%; and private equity, 10.1%. Other allocations were real estate debt, 5.1%; global equity, 3.5%; cash equivalents, 3.4%; global bonds, 2.2%; private debt, 0.8%; and high yield bonds, 0.6%.