San Luis Obispo County (Calif.) Pension Trust delivered a net return of 4.2% for the first six months of 2024, below the 5% return by the policy benchmark, according to quarterly figures included in materials for the Aug. 26 board meeting.
For the one-, three- and five-year periods through June 30, the $1.75 billion pension fund returned a net 7.4%, 2.8% and 6.5%, respectively, compared with benchmark returns of 8.9%. 2.9% and 6.4%.
As of June 30, 2024, the actual asset allocation of the pension fund comprised 19.7% domestic equity (target 20%), 16.2% domestic fixed income (target 19%), 15.2% private equity (12% target), 14.8% international equity (target 17%), 13.4% real assets (target 14%), 10.9% private credit (10% target), 7% cash (8% target) and 2.8% opportunistic assets (target 0%).
Within domestic fixed income, the fund had an actual 6.9% allocation to Treasuries (8% target), 6% to Treasury Inflation-Protected Securities (7% target) and 3.4% to bank loans (4% target).
Within real assets, the fund had an actual 7.1% allocation to core real estate (7% target), 4.1% to value-added real estate (5% target) and 2.2% to infrastructure (2% target).
“Our current asset allocations are in line with expectations, reflecting the strategic alignment with the early stages of our private markets pacing commitment plan,” Katie Girardi, executive director told Pensions & Investments.
For the period ended June 30, 2023, the fund had a six-month net return of 5.1% and a one-year net return of 5.8%.
The pension fund’s fiscal year ends on Dec. 31.
