The New York State Common Retirement Fund’s (Fund) estimated return in the third quarter of the State Fiscal Year (SFY) 2019-20 was 5.28 percent for the three-month period ending Dec. 31, 2019, with an estimated value of $225.9 billion, according to New York State Comptroller Thomas P. DiNapoli.
“A strong upswing in the markets to close out 2019 boosted the Fund’s returns in its third quarter,” DiNapoli said. “Volatility remains the defining characteristic of the investment landscape, however. As we approach the Fund’s fiscal year end, we will maintain our conservative approach and keep a close eye on investment returns.”
The Fund's estimated value reflects benefits of $3.27 billion paid out during the quarter. Its audited value as of fiscal year end March 31, 2019 was $210.5 billion.
As of Dec. 31, 2019, the Fund had 38.6 percent of its assets invested in publicly traded domestic equities and 16.0 percent in international public equities. The remaining Fund assets by allocation are invested in cash, bonds and mortgages (23.9 percent), private equity (9.4 percent), real estate and real assets (8.6 percent) and absolute return strategies and opportunistic alternatives (3.5 percent).
The Fund’s funded ratio of 96.1 percent is one of the strongest in the nation.
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.
About the New York State Common Retirement Fund
The New York State Common Retirement Fund is the third largest public pension fund in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has consistently been ranked as one of the best managed and best funded plans in the nation. The Fund's fiscal year ends March 31.
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