ALBANY — The New York State Common Retirement Fund was valued at an estimated $297.8 billion as of Dec. 31, 2025, marking the end of the third quarter of the 2025-26 state fiscal year, State Comptroller Thomas P. DiNapoli announced Wednesday.
The fund posted an estimated return of 2.44% for the quarter and 12.50% for the first nine months of the fiscal year. Its audited value at the close of the previous fiscal year on March 31, 2025, was $273.1 billion.
DiNapoli said the fund continued to grow during the quarter but cautioned that market volatility, inflation, slower job growth and stock market declines remain potential risks. He noted that the fund’s diversified investment strategy is designed to withstand economic uncertainty and protect retirement benefits for more than 1.2 million working and retired members and their beneficiaries.
As of Dec. 31, 40% of the fund’s assets were invested in publicly traded equities. Other allocations included 23.3% in cash, bonds and mortgages; 13.8% in private equity; 14% in real estate and real assets; and 8.9% in credit, absolute return strategies and opportunistic alternatives. The fund’s long-term expected rate of return is 5.9%.
DiNapoli began quarterly performance reporting in 2009 as part of an effort to increase transparency and accountability. A recent independent fiduciary and conflict-of-interest review cited the fund’s investment oversight, risk management and governance practices.
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