PROVIDENCE – The state pension fund finished the calendar year with a record $10.7 billion in assets, continuing its historic performance over the course of 2021, according to a news release from R.I. General Treasurer Seth Magaziner’s office.
The Rhode Island pension fund achieved an annualized return of 17.27% during the course of 2021 – the highest yearly return since 2009, the release stated. During December 2021 alone, the pension fund grew by 3.04%, outperforming the 2.3% expected growth based on a 60-40 stock-bond portfolio.
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Magaziner in a statement credited the performance to his “Back to Basics” investment strategy, which includes a crisis protection class to shield against volatility.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
Pretty much a no brainer. All Seth had to do was ride the coattails of the raging bull market.