Fresno County Employees’ Retirement Association (FCERA), which has $6.1 billion of assets under management, posted a return of 9.2 percent for the fiscal year that ended on June 30, outperforming its benchmark of 7.5 percent.
Over the past three-, five- and 10-year periods, the fund has generated annualized net returns of 7.6 percent, 5.9 percent and 6.3 percent, respectively, each underperforming their respective benchmarks of 8.3 percent, 6.7 percent and 6.5 percent.
FCERA has policy allocation targets of 8 percent for its real estate investments and 4 percent for its infrastructure investments. As of June 30, the fund’s actual allocations were 8.9 percent toward real estate holdings and 4.9 percent toward infrastructure holdings.
In the past fiscal year, real estate investments generated a -5.7 percent return for the fund, above its benchmark of -10.7 percent. Over the past three-, five- and 10-year periods, FCERA’s real estate investments have generate
