San Jose (Calif.) Police and Fire Department Retirement Plan posted a net return of 7.7% for the fiscal year ended June 30, beating its benchmark.
The $4.7 billion pension fund's return exceeded the policy benchmark return of 7.5% for the period, according to a performance report on its website.
For the three, five and 10 years ended June 30, the pension fund returned an annualized net 8.9%, 6.8% and 6.2%, respectively, compared with the respective benchmarks of 8.4%, 6.5% and 6.3%.
The pension fund had returned a net -5% for the fiscal year ended June 30, 2022.
The latest fiscal year's improved performance likely benefited from stronger market returns for the period in both equities and fixed income. For the year ended June 30, the Russell 3000 and Bloomberg U.S. Aggregate Bond index returned 19% and -0.2%, respectively, well above their respective returns of -13.9% and -10.3% for the year ended June 30, 2022.
Of the 54 public pension funds whose fiscal-year returns have been tracked by Pensions & Investments as of Tuesday, the median return for the period was 7.6%.