North Carolina's pension fund posted negative returns for the fiscal year ended June 30, but it fared better than the median performance of public pension funds in a turbulent year for financial markets.
The state treasurer's office said Monday that the fund had a return of -2.07 percent for the year, compared to -4.51 percent during the same period for public funds tracked by Wilshire Associates, a research and consulting firm. The $72 billion fund provides retirement benefits to more than 820,000 state and local employees and retirees.
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N.C. Treasurer Richard Moore, who presides over the fund, noted the state has long favored an investment strategy that is designed to be a top performer in bear markets while providing solid returns in bull markets. “This year's performance demonstrates the wisdom of our focus on steady results and the long-term security of the pension fund,” Moore said.
North Carolina's five-year return was 8.21 percent, compared to 8.92 percent for all public pension funds.