San Francisco City & County Employees' Retirement System has estimated a 3.9% gross return for the fiscal year ended June 30, after a negative return last year, according to a report from CEO/CIO Alison Romano included in materials for its upcoming July 20 meeting.
For the three years ended June 30, the $33.5 billion pension fund estimated an annualized gross return of 10.5%.
For the most recent fiscal year, SFERS estimated that every asset class except for private equity posted positive returns, led by public equities at 16.5%, followed by private credit at 4.9%; real assets, 3.7%; absolute return, 2.7%; fixed income, 2.5%; and private equity, -7.9%. The report noted that absolute return performance lagged by one month.
Benchmark information was not yet available.
As of June 30, the pension fund's actual allocation was 32.4% public equities, 29.9% private equity, 15.6% real assets, 9.2% absolute return, 7.7% private credit, 5.4% fixed income and -0.2% leverage offset.
