Florida Retirement System returns 7.5% during fiscal year
Investors - SEPTEMBER 14, 2023

Florida Retirement System returns 7.5% during fiscal year

by Lewis Dayton

The $188.7 billion Florida Retirement System returned a net gain of 7.5 percent during the past fiscal year, performing below its benchmark of 10.11 percent.

While the fund underperformed its benchmark this fiscal year, it has performed better than its benchmarks over the past three, five, and 10 years, posting annualized net returns of 9.26 percent, 7.4 percent and 8.04 percent, respectively (compared with respective targets of 8.13 percent, 6.59 percent and 7.23 percent).

11.2 percent of the pension fund’s portfolio is invested in real estate, slightly more  than its 10 percent target. Those real estate holdings returned -2.14 percent over the past fiscal year, above its benchmark of –3.55 percent. The fund’s real estate holdings have returned an annualized 9.16 percent during the past three years and 7.2 percent the past five years, both above their respective benchmarks of 7.44 percent and 6.29 percent.

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