San Diego County Employees Retirement Association earned a net 1.1% for the fiscal year ended June 30, underperforming its benchmark of 2.9% for the period, according to a staff report of the $12.9 billion pension fund.
The pension fund returned a net annualized 4.8% for the three years ended June 30 compared with its 5.5% benchmark and 5.3% for the five years vs. 5.7% for the benchmark.
The pension fund earned a net 5.5% for the fiscal year ended June 30, 2019.
SDCERA's best performing asset class for the one-year period was real estate with 10.5%, outperforming its 3.9% benchmark; followed by fixed income and cash at 4.5%, underperforming its 6.6% benchmark. Total public equities earned 0.6%, compared with its 1.2% benchmark; private equity returned -4.9%, underperforming its 1.2% benchmark; private real assets, -7.4% vs. 1.2% benchmark and opportunistic, -11.1%, underperforming its 3.3% benchmark.