07/28/2021 | Press release | Distributed by Public on 07/28/2021 09:17
Today General Treasurer Seth Magaziner announced that Rhode Island Pension Fund continued its strong performance under his 'Back-to-Basics' investment strategy, closing the Fiscal Year ended June 30, 2021 with an all-time high investment gain of more than $2.2 billion for a total value of more than $10.3 billion in assets.
'As General Treasurer, my top priority is delivering economic growth and financial security for all Rhode Islanders,' said General Treasurer Seth Magaziner. ''Back-to-Basics' works- this year the pension system has reached an all time high, we have achieved our highest annual return in 25 years, and retirees in the system are also receiving a much needed cost of living adjustment.'
During the Fiscal Year, the Pension Fund returned 25.58 percent, outperforming its traditional 60 percent stock /40 percent fixed income benchmark, which returned 22.18 percent over the same time period. The average annual investment return for the pension system over the past 5 years has risen to 10.86 percent, compared to the 60/40 benchmark return of 10.12 percent.
Additional information about the Rhode Island pension system, including the 'Back-to-Basics' investment strategy and performance, can be found online as part of Treasurer Magaziner's Transparent Treasury initiative at investments.treasury.ri.gov.
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Note: All performance is reported on a 'net of fees' basis.