R.I. Pension Fund Continues
to Rally, Earns $45.8M in September
"Rhode Island's investments
continue to deliver positive performance for retirees and taxpayers," said
General Treasurer Seth Magaziner.
"While this is encouraging, we are also
taking steps to do even better. Our team is in the process of implementing our
'Back to Basics' strategy, which was designed to deliver stronger returns,
reduce volatility, and strengthen retirement security for Rhode Island public
employees."
September's performance marks the seventh consecutive month of positive performance for the fund, returning $45.8 million net investment performance and beating both the portfolio's benchmark and a traditional 60% stock, 40% bond portfolio.
Year-to-date, the
fund has returned 6.2% compared to its 5.7% benchmark. This growth comes
despite first quarter fallout from the U.K.'s market-reeling Brexit vote.
International Emerging Markets
were the portfolio's strongest investment category for the month, returning
1.31% in September. Year to date, emerging markets equities have returned
15.7%.
A number of hedge funds continue
to fall short of their benchmarks and lag the overall portfolio in 2016
to-date. Under Treasurer Magaznier's new 'Back to Basics' investment plan, the
state is in the process of exiting a majority of its hedge fund investments.
Detailed information about the
fund's investment strategy, performance and managers are published online as
part of Treasurer Magaziner's 'Transparent Treasury' initiative at:
investments.treasury.ri.gov
