North Carolina Pension Value Falls in 3rd Quarter On Weak Stock Performance

North carolinaNorth Carolina’s state-level pension funds, jointly managed by the state Treasurer, collectively declined 1 percent in the 3rd quarter after the funds’ stock portfolio turned in weak returns.

From the News Observer:

The slight decline was largely the result of losses in the fund’s stock portfolio.

Stock investments, which accounted for 43 percent of the portfolio, declined 2.9 percent in the third quarter and are up 10.9 percent over the past year. Returns are calculated after deducting fees paid to money managers hired by the state.

Fixed-income investments, which account for 30 percent of the portfolio, gained .4 percent in the quarter and have returned 5.9 percent over the past 12 months. Other 12-month returns for the portfolio: real estate, 17.9 percent; alternatives such as hedge funds, 17.5 percent.

The pension fund’s assets at the end of the third quarter were valued at 88.4 billion, down from $90.1 billion at the end of its fiscal year in June.

The pension fund provides retirement benefits for more than 900,000 workers, including teachers, state employees, firefighters and police officers.

The state Treasurer’s office manages assets for the Teachers’ and State Employees’ Retirement System, the Consolidated Judicial Retirement System, the Firemen’s and Rescue Workers’ Pension Fund, the Local Governmental Employees’ Retirement System, the Legislative Retirement System, and the North Carolina National Guard Pension Fund.