The New York State Common Retirement Fund was valued at an estimated $309.7 billion after earning a 6.12% investment return during the first quarter of the 2026-27 state fiscal year, Comptroller Thomas DiNapoli said.
The fund's estimated value was $295.4 billion on March 31, at the end of the previous fiscal year. Its long-term expected rate of return is 5.9%.
DiNapoli said the quarterly result came despite persistent inflation, higher energy prices and geopolitical conflicts. He said the fund's strategy emphasizes diversification, risk management and long-term stability for public employees, retirees and their families.
Public stocks remain the largest allocation
As of March 31, publicly traded equities accounted for 39.4% of fund assets. Cash, bonds and mortgages made up 22.9%; private equity accounted for 14.3%; real estate and real assets accounted for another 14.3%; and credit, absolute-return strategies and opportunistic alternatives made up 9.1%.
The fund was 96.8% funded as of March 31, according to the comptroller's office.
Reviews cite governance and risk controls
The comptroller's office also pointed to two independent reviews released in 2026. A review by Weaver and Tidwell LLP found that the fund operated under a strong governance framework, maintained internal controls and transparency, scrutinized fees and used an asset allocation broadly aligned with peer funds.
That review also said the fund's funded status and conservative assumed return left it better positioned than peers to meet long-term obligations and withstand market volatility.
A separate review by the state Department of Financial Services found that the fund's investment and risk teams were performing professionally and competently. DFS said performance against benchmarks over three-, five- and 10-year periods had been very good and reported no concern that investment fees and expenses were excessive.
DiNapoli began quarterly performance reporting in 2009 as an accountability and transparency measure.
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