The New York State Common Retirement Fund’s estimated return in the third quarter of the state fiscal year (SFY) 2021-22 was 4.74% for the three-month period ending Dec. 31, according to New York State Comptroller Thomas P. DiNapoli. It ended the quarter with an estimated value of $279.7 billion.
“A strong third quarter kept our state pension fund on track, despite ongoing market volatility,” DiNapoli said. “Our focus, as always, remains long-term, sustainable investment returns that will ensure our members and their beneficiaries continue to have secure pensions for generations to come.”
The fund's estimated value reflects benefits of $3.62 billion paid out to retirees and beneficiaries during the quarter. Its audited value, as of fiscal year end March 31, was $258.1 billion, and the SFY 2020-21 annual return was 33.55%.
As of Dec. 31, the fund had 51.38% of its assets invested in publicly traded equities. The remaining fund assets by allocation are invested in cash, bonds and mortgages (22.37%), private equity (12.36%), real estate and real assets (8.52%) and credit, absolute return strategies and opportunistic alternatives (5.37%).
A press release noted, “DiNapoli initiated quarterly investment performance reporting in 2009 as part of his ongoing efforts to increase accountability and transparency. Quarterly rates of return provide a snapshot of performance over three months and reflect a fraction of the fund’s annual investment return, which is targeted at 5.9%.”
The New York State Common Retirement Fund is one of the largest public pension funds in the U.S. The fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than 1 million state and local government employees and retirees and their beneficiaries. The fund’s fiscal year ends March 31.