N.Y. Common Fund sees 6.24% investment return for quarter

Robert Steyer

Pensions & Investments

Nov 9, 2020

The New York State Common Retirement Fund, Albany, recorded an estimated second-quarter net return of 6.24%, Thomas DiNapoli, state comptroller and sole trustee of the fund, said Monday in a news release.

The estimated assets were $226.4 billion for the three months ended Sept. 30, up 4.7% from the first quarter ended June 30 and up 5.1% from Sept. 30, 2019.

All current fiscal-year data are estimates.

The pension fund posted an estimated 10.4% net return for the quarter ended June 30, 2020, and a 1.2% net return for the quarter ended Sept. 30, 2019.

"A second straight quarter of strong investment returns raised the pension fund's estimated value to a new high," Mr. DiNapoli said in the news release.

"Our pension fund is strong and well-diversified, but gains are clearly fragile in this volatile financial climate," he added. "Wall Street continued to exceed expectations in the quarter, but Main Street is suffering. Our economy needs additional federal stimulus and relief and hurting families need safety nets."

As of Sept.30, the pension fund's asset allocation was 53.4% in publicly traded equities; 22.8% in cash, bonds and mortgages; 10% in private equity; 8.5% in real estate and real assets and 5.3% in credit, absolute return strategies and opportunistic alternatives. The pension fund didn't provide additional details.