North Carolina's pension fund posted a 1 percent decline in the third quarter and has returned a 9.4 percent gain over the past 12 months, the State Treasurer's office reported Wednesday.
The slight decline was largely the result of losses in the fund's stock portfolio.
Stock investments, which accounted for 43 percent of the portfolio, declined 2.9 percent in the third quarter and are up 10.9 percent over the past year. Returns are calculated after deducting fees paid to money managers hired by the state.
Fixed-income investments, which account for 30 percent of the portfolio, gained .4 percent in the quarter and have returned 5.9 percent over the past 12 months. Other 12-month returns for the portfolio: real estate, 17.9 percent; alternatives such as hedge funds, 17.5 percent.
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The pension fund's assets at the end of the third quarter were valued at 88.4 billion, down from $90.1 billion at the end of its fiscal year in June.
The pension fund provides retirement benefits for more than 900,000 workers, including teachers, state employees, firefighters and police officers.