Rhode Island General Treasurer Seth Magaziner says the state’s pension fund saw a March return of three-quarters of a percent – earning over $58 million. The return comes in spite of a relatively flat U.S. stock performance.
Magaziner’s office says the fund is outperforming expectations, earning over 8.7 percent this fiscal year — exceeding the 8.3 percent benchmark set by the state.
Magaziner attributes the strength of returns to a new investment strategy, which was approved by the State Investment Commission last year. The plan invests more in bonds, and moves away from hedge funds.
