Oklahoma Police Pension & Retirement System, Oklahoma City, posted a preliminary net return of 1.9% for the fiscal year ended June 30, according to the $2.6 billion pension fund's latest investment report.
The return falls short of the policy benchmark of 4.4%.
The less-than-optimal performance was due to the pension fund's long/short equity allocation, which "brought us down," said Ginger Sigler, executive director, in an email.
"We have been working for the past six months to lower that allocation and change the way that it works," Ms. Sigler said.
For the three, five and 10 years ended June 30, the pension fund returned an annualized net 4.8%, 4.9% and 7.3%, respectively, below the three-, five- and 10-year respective benchmarks of 6.2%, 6% and 8.5%.
The pension fund returned a net 4.2% for the fiscal year ended June 30, 2019.