North 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.
The value of New York’s Common Retirement Fund dipped in the third quarter, from a record-high $180 billion to $178 billion.
The decline comes from weak investment returns over the last three months; in the case of the pension fund’s portfolio, the issue was underperformance of U.S. equities.
From News 10:
New York’s pension fund for government workers reports a decline to $178.3 billion following a negative return of less than 1 percent in its latest quarter.
Comptroller Thomas DiNapoli, the fund’s trustee, says investor “challenges” in the quarter ending Sept. 30 followed a “robust” previous quarter when the fund reached a record $180.7 billion.
It has about 38 percent of assets in domestic stocks, 17 percent in international stocks, 27 percent in cash, bonds and mortgages, 8 percent in private equity, 7 percent in real estate and the rest in other investments.
DiNapoli says Wednesday some gains were offset by underperforming U.S. stocks and global central bank actions that made international markets volatile.
For the fiscal year that ended March 31, the fund reported a 13 percent return on investment.
The Common Retirement Fund manages assets for New York’s Employees’ Retirement System (ERS) and Police and Fire Retirement System (PFRS).