Rhode Island’s state employee pension fund returned about 8 percent on investments for the fiscal year ending June 30, State General Treasurer Seth Magaziner announced Monday.
Magaziner, a Democrat, said the fund outpaced the 7 percent benchmark rate set by the state Retirement Board. The fund is now up to $8.3 billion. The general treasurer said that the strategy of exiting from most hedge funds in favor of more traditional investments has been successful. Over the past year, Magaziner said, investments in private equity returned about 18 percent and global index funds earned 11.5 percent, net of fees and expenses.
“We have taken our investment strategy back to basics for our members, who count on us for a secure retirement, and for all taxpayers, who deserve responsible management from their elected officials,” said Magaziner in a statement.
