Updated with clarification
The New York State Teachers' Retirement System, Albany, recorded a -12.9% return, net of fees, for the three months ended March 31, the third quarter of the pension system's previous fiscal year.
Data for the fourth quarter and full-fiscal year, which ended June 30, weren't available.
Estimated assets for the fiscal year ended June 30 were $119.9 billion vs. $121.8 billion for the fiscal year ended June 30, 2019.
For the 12 months ended March 31, the return on investments, net of fees, was -4.2%. The three-year annualized return for the period ended March 31 was 3.8%; the five-year annualized return was 4.7%; and the 10-year annualized return was 7.7%.
The pension system’s assumed rate of return was 7.25% for the fiscal year ended June 30. For the fiscal year beginning July 1, the assumed rate of return is 7.1%.
The financial data was presented Wednesday at the quarterly meeting of the pension system's governing board.
The board also approved a series of renewals with nine investment managers, each for a year.
- Four firms to manage a portion of the system's assets as global real estate public securities managers benchmarked to the FTSE EPRA/NAREIT Developed Unhedged index. The managers and amounts managed are Dimensional Fund Advisors ($217 million); AEW Capital Management ($207 million); Heitman Real Estate Securities ($211 million); and Brookfield Asset Management ($192 million).
- T. Rowe Price to manage $901 million as a domestic equity enhanced index manager, effective Oct. 30.
- Baillie Gifford Overseas to manage $840 million as an active ACWI Ex-U.S. international equity manager, effective Sept. 15.
- William Blair & Co. to manage $821 million as an active ACWI Ex-U.S. international equity manager, effective Sept. 22.
- Prima Capital Advisors to actively manage $515 million within a separate account structure in commercial mortgage backed securities, investment grade real estate investment trust bonds, first mortgage loans, and mezzanine loans and/or B-Notes effective Nov. 1.
- Leading Edge Investment Advisors to manage about $400 million as a global equity manager of managers effective Nov. 22.
