PROVIDENCE – After steady monthly increases since April, the state pension fund took a slight dip in September, losing $156.6 million, according to the R.I. Office of the General Treasurer.
The pension fund had $8.79 billion in assets under management as of Sept. 30, versus $8.95 billion on Aug. 30.
However, the year-long outlook shows the 7.24% earnings “significantly outperforming” the 5.87% benchmark return for that period, the treasurer’s office said in a statement. Investments in global public equities through low-fee index funds performed even better, with a 10.06% return for the 12 months that ended Sept. 30.
R.I. Treasurer Seth Magaziner’s “Back to Basics” investment strategy, which included a crisis protection class to shield against volatile markets, was highlighted as reason for the state’s strong 12-month performance. the state’s strong year-end performance.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
