Institutional Investor Names CRF ‘Large Plan of the Year’
DiNapoli’s Restructured Hedge Fund Portfolio Wins Industry Recognition
The $132.6 billion New York State Common Retirement Fund (Fund) was recognized by Institutional Investor as its Large Public Plan of the Year at the magazine’s 8th Annual Hedge Fund Industry Awards event last night in New York City, State Comptroller Thomas P. DiNapoli announced today.
“We have a great team of investment professionals dedicated to the Fund’s success, and I am happy Institutional Investor recognized the work that we do,” DiNapoli said. “We’ve been recognized by the Pew Center as having one of the strongest public pensions in the U.S., and now the industry has taken notice of the effective changes we’ve made in managing Fund assets.”
The Fund was recognized for “demonstrated excellence” in absolute return investing as well as its long-term performance and its ability to build and manage a hedge fund portfolio, according to the magazine’s selection criteria.
DiNapoli initiated a review of the absolute return strategies portfolio in 2007 and decided to restructure the program to reduce inefficiencies and redundancies and reduce management fees.
The ARS portfolio had $3.8 billion invested and generated a 14.95 percent return for the fiscal year ended March 31, 2010. The program outperformed the portfolio benchmark, the HFRX index, by 208 basis points over the period. Over the past two years of the restructuring, the program outperformed the HFRX by 685 basis points and the S&P 500 by 704 basis points.
DiNapoli is trustee of the Fund, which exists to provide benefits to more than one million active and retired public service employees, police officers and firefighters.