South Dakota Retirement System, Pierre, posted a preliminary net return of 5.5% for the fiscal year ended June 30.
The return fell below the retirement system's capital markets benchmark return of 10.7% for the period, according to a performance report on the website for the South Dakota Investment Council, which oversees the investment management of the $14.1 billion pension fund.
For the three, five and 10 years ended June 30, the retirement system returned an annualized net 8.5%, 6.4% and 7.6%, respectively. Benchmark returns for those periods were not provided.
SDRS had returned a net -0.7% for the fiscal year ended June 30, 2022.