The $8.47 billion Rhode Island Employees' Retirement System, Providence, returned 6.5% net of fees in the fiscal year ended June 30, Treasurer Seth Magaziner's office said Friday.
The return was slightly below the system's internal benchmark of 6.6%. In the previous fiscal year, the fund earned 8%.
In the three-, five- and 10-year periods ending June 30, Rhode Island reported annualized returns of 6.5%, 5.6% and 8.8%, respectively.
One-year performance net of fees per asset class as of June 30 was 9.2% U.S. equity, 1.6% international developed equity, 13.5% private equity, 12.3% non-core real estate, 3% opportunistic private credit, 5.9% liquid credit, 0.8% private credit, 12.4% Treasury duration, 0.9% systemic trend, 5.2% core real estate, 13% private infrastructure, 4.7% TIPS, 7.8% fixed income, 6.9% absolute return, 2.7% strategic cash
As of June 30, the asset allocation was 25.8% U.S. equity, 14.9% international developed equity, 11.2% fixed income, 6.9% private equity, 6.8% absolute return, 5.2% emerging market equity, 4.3% core real estate, 4.1% Treasury duration, 3.8% systemic trend, 3.7% liquid credit, 2.9% strategic cash, 1.9% private credit, 1.9% private infrastructure, 1.7% non-core real estate, 1.5% TIPS, 1.4% infrastructure, 1% REITs, 0.6% opportunistic private credit, 0.2% Russell overlay and 0.1% short term cash.
