Penn SERS reports positive return, rebounds from initial lows from early 2020

The Pennsylvania State Employees’ Retirement System (Penn SERS) has recorded a net return of 11.1 percent in 2020, according to a Feb. 16 news report.

The pension fund added $3.4 billion to the fund’s assets for the year, bringing the total number of assets to $34.5 billion, as of Dec. 31, 2020.

“As we know all too well, the past year brought an array of unprecedented challenges, mostly resulting from the COVID pandemic,” said Seth Kelly, CIO of Penn SERS. “Initially, the financial markets experienced a great deal of volatility, but managed to recover. SERS is fortunate to have had back-to-back years of outstanding performance.”

In 2020, historic downturns rocked financial markets around the world and SERS was not immune; the pension fund’s portfolio reached its 2020 low of $25.1 billion in late March. Shortly thereafter, SERS said it temporarily expanded the delegation