Vermont Pension Investment Committee reported a preliminary fiscal year net return of 4% for the $4.6 billion Vermont State Retirement Systems.
The return exceeds the policy benchmark of 3.3%, according to the latest investment report of the Vermont Pension Investment Committee, Montpelier, which oversees three pension funds collectively known as the Vermont State Retirement Systems.
CIO Eric Henry attributed the outperformance to "an intentional overweight to the fund's downturn hedging assets equal to 40% of uncalled capital" as well as "his awesome staff and investment committee."
Vermont State Retirement Systems also outperformed on a three, five- and 10-year basis. For the three, five and 10 years ended June 30, the fund returned an annualized net 5.9%, 5.9% and 7.2%, respectively, beating the three-, five- and 10-year respective benchmarks of 5.5%, 5.6% and 6.8%.
The fund returned a net 6% for the fiscal year ended June 30, 2019.