The New York State Common Retirement Fund’s (Fund) estimated return in the first quarter of the State Fiscal Year (SFY) 2020-21 was 10.35 percent for the three-month period ending June 30, 2020, with an estimated value of $216.3 billion, according to New York State Comptroller Thomas P. DiNapoli.
“One of the strongest rebounds in modern history lifted the Fund’s value well above what it was at the close of the state fiscal year and restored most of the losses caused by the COVID-19 pandemic,” DiNapoli said. “Until there is a solution to the global public health crisis, market volatility and uncertainty will continue. We manage New York state’s pension fund to withstand tough challenges. That’s why the Fund remains one of the nation’s strongest, providing retirement security to our 1.1 million working and retired members and their beneficiaries.”
The Fund's estimated value reflects benefits of $3.34 billion paid out during the quarter. Its audited value as of fiscal year end March 31, 2020 was $194.3 billion.
As of June 30, 2020, the Fund had 53.0 percent of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds and mortgages (23.2 percent), private equity (9.6 percent), real estate and real assets (8.7 percent) and credit, absolute return strategies and opportunistic alternatives (5.5 percent).
The Fund remains one of the nation’s strongest public pension funds. Pew Charitable Trusts' latest analysis of state pension funds, based on 2018 data, ranked the Fund as the second best funded 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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