San Diego County Employees Retirement Association returned 25% for the fiscal year ended June 30, underperforming its policy benchmark of 26.5%, according to the $16.2 billion pension plan's latest risk return report.
The pension plan returned 10.1% for the three years and 10% for the five years, underperforming benchmarks of 11.1% and 10.8%, respectively.
The best-performing asset class for the one-year period was global equities with 40.6%, just missing its 40.9% benchmark. Private equity was the second best-performing asset class, earning 40.3% for the year ending June 30, also just shy of its 40.9% benchmark, followed by its opportunistic portfolio with 26.5%, underperforming a balanced benchmark of stocks and fixed income of 27.5%. Real assets earned 8.9%, below its 40.9% benchmark, real estate returned 4.6%, underperforming its 5.2% benchmark, while the fixed-income and cash category returned 4.2%, outperforming its 0.1% benchmark.