The downtown skyline of Stockton, Calif., along the San Joaquin River.
San Joaquin County Employees' Retirement Association, Stockton, Calif., returned a net 9.6% for the year ended June 30, below its benchmark of 11.8%, according to a recent quarterly performance report.
SJCERA’s fiscal year ends Dec. 31.
For the three-, five-, 10-, 15-, 20- and 25-year periods through June 30, the $4.5 billion pension fund returned a net 3.8%, 6.5%, 5.3%, 6.7%, 5.2% and 5.5%, respectively, all below the benchmarks of 4.5%, 7.2%, 6.4%, 7.4%, 6.2% and 5.6%.
As of June 30, the pension fund had an actual asset allocation of 75.4% broad growth strategies (target 78%); 20.4% diversified growth strategies (22%) and 4.2% cash (zero).
Within the broad growth category, the actual asset allocation was 40.3% traditional growth (34% target), 24.9% stabilized growth (32%) and 10.2% aggressive growth (12%).
Within diversified growth, the actual asset allocation was 11% crisis risk offset strategies (14% target) and 9.4% principal protection strategies (8%).
By asset class, for the year ended June 30, the top performers were traditional growth, which returned a net 19.7%; followed by aggressive growth, 5.9%; principal protection, 4.1%; cash, 3.7%; stabilized growth, 3.1%; and crisis risk offset, 3.1%.
