New York State Comptroller Thomas P. DiNapoli reported that the New York State Common Retirement Fund (Fund) was valued at $246.3 billion at the end of the second quarter of the 2023-24 fiscal year. This figure comes despite a challenging quarter in which the Fund’s investments returned an estimated -1.59% for the period ending September 30, 2023. The Fund’s value reflects the payment of $4.09 billion in retirement and death benefits during the quarter.
DiNapoli highlighted the turbulent economic conditions, including rising interest rates and global instability, contributing to the market’s volatility. He emphasized the importance of the Fund’s long-term investment strategy and diversified portfolio, designed to sustain the Fund’s strength across generations. The Fund, which is crucial for public employee pensions, had an audited value of $248.5 billion as of March 31, 2023, marking the end of the last fiscal year.
The investment portfolio of the Fund is diverse, with 44.14% in publicly traded equities as of March 31. Other significant allocations include 21.53% in cash, bonds, and mortgages, 14.61% in private equity, 13.39% in real estate and real assets, and 6.33% in credit, absolute return strategies, and opportunistic alternatives. The Fund’s long-term expected rate of return is set at 5.9%. DiNapoli’s initiative for quarterly performance reporting, started in 2009, continues to enhance the Fund’s accountability and transparency.
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