Washington State Investment Board's $142.5 billion commingled trust fund of defined benefit plan and defined contribution plan assets returned a net 28.7% for the fiscal year ended June 30.
The trust fund's return exceeded its benchmark return of 27.7% for the period, an investment report on the Olympia-based board shows.
For the three, five and 10 years ended June 30, the trust fund returned an annualized net 13.1%, 12.6% and 10%, respectively, above the respective benchmarks of 12.1%, 11.5% and 8.4%.
The commingled trust fund returned a net 3.7% for the fiscal year ended June 30, 2020.
For the most recent fiscal year, private equity was the best-performing asset class with a net return of 55.5% for the year ended June 30 (below its 61% benchmark), followed by public equities at a net 41.2% (below its 41.3% benchmark); innovation assets at a net 34.1% (36.2%); tangible assets, 15.6% (6.6%); real estate, 13.2% (2.6%); and fixed income, 1.8% (1.1%).
As of June 30, the commingled trust fund's actual allocation was 33.2% public equities; 25.6% private equity; 17.3% fixed income; 16.5% real estate; 5.5% tangible assets; 1.5% cash; and 0.5% innovation assets.
The board oversees a total of $181 billion in state defined benefit, defined contribution and other assets.