Rhode Island Employees' Retirement System, Providence, returned 3.8% net of fees in the fiscal year ended June 30, state Treasurer Seth Magaziner reported Wednesday.
The return outperformed the $8.47 billion pension fund's 1.9% benchmark.
The crisis-protection asset class was the primary contributor to the fiscal year performance, returning 12.4%, and outperforming the total plan's benchmark over the period. That helped the pension quickly recover from market challenges experienced in the first quarter, when it returned 8.3%. The crisis-protection asset class earned 15.1% in the first quarter.
According to Mr. Magaziner's office, the fiscal year assets represent a higher value than any previous fiscal year. In September 2016, Mr. Magaziner implemented a "back to basics" investment strategy that includes growth, income and stability strategies.
