The North Carolina pension fund posted a 3.7 percent loss in the third quarter as its stock portfolio – the fund’s largest single investment class – fell 9.2 percent over the past three months.
The state Treasurer’s office reported its latest investment results Friday. The fund is down one-half percent over the past 12 months and has gained 7 percent over the past five years.
“This has been a down quarter, but the fund is solid and well-positioned for the long-term,” state Treasurer Janet Cowell, who oversees the pension fund, said in a statement.
Investments in stocks, which account for 41 percent of the fund, are down 5.4 percent over the last 12 months.
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Investments in investment-grade bonds, which account for 30 percent of the fund, rose 1.3 percent in the quarter and 3 percent for the past 12 months.
Core real estate climbed 2.5 percent in the quarter and is up 9.1 percent for the past 12 months. Non-core real estate rose 3 percent in the quarter and has risen 17.7 percent over the past 12 months. Investments in private equity increased 3.8 percent in the quarter and 11.7 percent over the past 12 months.
The fund’s assets are valued at $85.51 billion, making it the nation’s tenth-largest public pension fund. It provides retirement benefits for more than 900,000 state employees and teachers.