The New York State Common Retirement Fund gained 1.53% in the first quarter of its new fiscal year, according to Thomas DiNapoli, the state’s comptroller.
The fund’s value increased to $209.2 billion during the period ended June 30. It was the last full quarter with Vicki Fuller as chief investment officer. Fuller retired at the end of July. Anastasia Titarchuk, New York Common’s deputy CIO, recently stepped in as interim CIO until the pension plan finds a new leader. The fund is considering performing a national search later this year.
“The Fund saw steady growth in the first quarter,” DiNapoli said in a statement, where he reinforced the pension fund’s mission “to provide sustainable investment returns over the long-term, that means adjusting to conditions and finding opportunities even when markets are uncertain.”
During the quarter, the fund paid out $2.8 billion worth of benefits to its members, state and local government workers.
The plan had 40.3% of its assets in domestic public equities, and 16.1% in international public equities as of June 30. Cash, bonds, and mortgages had a 23.6% allocation. Private equity took up 8.3% of the portfolio while real estate consisted of 7%. The retirement system’s allocations were rounded out by absolute return strategies (2.7%) and opportunistic alternatives and real assets (2%).
The New York State Common Retirement Fund returned 11.35% in its fiscal year, ended March 31. It is the third-largest public pension plan in the US.