Led by strong gains in its stock portfolio, investments by North Carolina’s pension fund posted a 15.88 percent return for the fiscal year that ended in June – more than double the fund’s target.
The gains helped boost the pension fund’s assets past the $90 billion milestone for the first time. Assets totaled $90.14 billion as of June 30.
“The N.C. pension fund is strong and well-positioned for the long-term,” state Treasurer Janet Cowell, who is in charge of the pension fund’s investments, said in a statement. “Our strategic, incremental diversification efforts are showing results.”
The pension fund provides retirement benefits for more than 900,000 workers, including teachers, state employees, firefighters and police officers.
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Stock investments, which accounted for 46.84 percent of the portfolio, generated a 24.66 percent return over the past 12 months. Returns are calculated after deducting fees paid to money managers hired by the state.
Fixed-income investments, which account for 30.41 percent for the portfolio, reaped a 6.04 percent return over the past 12 months.
Other 12-month returns for the portfolio include real estate, 12.03 percent, and alternative investments such as hedge funds, 17.41 percent.
In the quarter that ended in June, the fund’s investments produced a 3.87 percent return.