PROVIDENCE – The state pension fund continues to hit new records, reporting an all-time high of $10.34 billion as of July 30, according to a news release from the R.I. Office of the General Treasurer.
The latest gains continue a history of record performance based on net of fees, including a $2 billion asset gain in fiscal 2021, the release states.
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During July, the pension fund returned 0.48%, continuing to outperform its long-term target based on its annualized returns.
General Treasurer Seth Magaziner credited the gains to his “Back to Basics” investment strategy, which includes a crisis protection class to shield against volatility.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
That’s a no brainer given the current stock market performance.