$137 million in July alone
After posting an 11.62% return
in the fiscal year ending on June 30, 2017, the Rhode Island Pension Fund has
continued to deliver under Treasurer Seth Magaziner and his Back to Basics
investment strategy earning 1.70% in the month of July which brings its total
value to $8.15 billion.
"We are committed to
strengthening the retirement system and providing retirement security for its
members," said Treasurer Magaziner. "The Back to Basics investment
strategy continues to provide growth when markets are strong, and is also
positioning us to be more stable when markets are down."
The $137 million earned in July marks the ninth consecutive month of gains for the fund, which continues to outperform its own internal benchmark and a traditional 60% stock/40% bonds portfolio over the past one-year, three-year and five-year time periods.
Treasurer Magaziner announced a
new "Back to Basics" investment strategy in September 2016, which is
expected to provide more long-term growth and market stability for the pension
fund through traditional investment techniques and a reduction in hedge-funds.