San Bernardino County (Calif.) Employees' Retirement Association returned a gross 5.1% for the fiscal year ended June 30, the pension fund disclosed in an investment report on its website.
The $10.5 billion pension fund's gross return fell short of its policy benchmark return of 6.2%.
For the three, five and 10 years ended June 30, the pension fund returned an annualized gross 9.2%, 6.2% and 8.9%, respectively, above the respective benchmarks of 7%, 5.9% and 8%.
The pension fund returned a gross 9% for the fiscal year ended June 30, 2018.
The highest-performing asset class for the fiscal year ended June 30 was private equity, which returned a gross 14.9% (above its 11.8% benchmark return), followed by real estate at a gross 6.8% (equal to its benchmark), domestic equity with beta overlay at a gross 4.5% (below its benchmark return of 9%), global fixed income with beta overlay at 1.2% (benchmark return not provided), international equity with beta overlay at 0.6% (1.8%) and real assets at -0.4% (-2.1%).
Pension fund spokesman Michael Tamony did not immediately return a phone call seeking further information.