Stanislaus County Employees' Retirement Association, Modesto, Calif., returned a net 5.1% for the fiscal year ended June 30, an investment report posted on the $2.2 billion pension fund's website shows.
The return falls short of the pension fund's policy benchmark index return of 5.9%.
For the three, five and 10 years ended June 30, the pension fund returned an annualized net 9.1%, 5.8% and 9.8%, respectively, compared to their respective benchmarks of 8.3%, 6% and 9.4%.
For the fiscal year ended June 30, 2018, the pension fund returned a net 8.1%.
Among the pension fund's asset classes, infrastructure had the highest net return for the fiscal year ended June 30, at 12.4% (above its 6.7% benchmark return), followed by risk parity at 9.3% (above its 6.1% benchmark return).
Domestic equities followed at a net 7.6% (above its 7.3% benchmark return), followed by real estate at a net 6.6% (9.8%), domestic fixed income at 6.5% (7.9%), private credit at 3.7% (6%) and international equities at -0.8% (1.8%).