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Investment portfolio posts strong fiscal-year gain, board hears
Summary
Board heard that the retirement portfolio returned about 14.9% for the July–June fiscal year and about 8.1% year-to-date, with staff citing diversified allocations and market drivers such as energy and tech shifts.
The Board of Employee Retirement System reviewed the system's investment performance and accepted a staff report showing a strong 12‑month return.
The lead presenter told the board that the portfolio's fiscal‑year return was 14.9% and the calendar year‑to‑date return was about 8.1%. He said markets were mixed in June, driven by an inflation report and volatility in energy and technology sectors. “A very strong return,” the presenter said of the fiscal‑year result.
Staff attributed outperformance in part to diversification across small‑cap, international and large‑cap equity holdings. The presenter also noted that the portfolio trails some benchmarks for reasons including hedge fund positioning and that the board will consider a planned hedge‑fund restructuring at its September meeting.
The board moved to accept the investment performance report and voted in favor.
