PROVIDENCE – The state pension fund continues to rebound after first-quarter losses, with a 1.69% return bringing in more than $140 million in investments in May, according to the R.I. Office of the General Treasurer.
As of May 31, the fund stood at $8.4 billion – still less than the $8.8 billion value at the start of the year but an increase over the $7.8 billion balance at the end of March.
Over the 12-month period that ended May 31, the fund outperformed its 5.6% benchmark, with a 6.6% return, bolstered by a 15.7% return in the Crisis Protection Class assets, the release stated.
Treasurer Seth Magaziner has repeatedly credited the state’s crisis protection strategy he implemented in 2016 to shield against volatile markets as the reason for the strong pension performance, which outranked 95% of other public pensions nationwide in the first quarter, according to Investment Metrics, the leading source of investment performance analytics for institutional investors, the release stated.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
Want to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.