Iowa Fire and Police posts 6% net return for the fiscal year
The Municipal Fire and Police Retirement System of Iowa (MFPRSI), with $3.2 billion of assets under management, generated a 6 percent net return for the fiscal year that ended on June 30, performing below its benchmark of 10.6 percent.
Over the past three-, five- and 10-year periods, MFPRSI has yielded annualized net returns of 10.2 percent, 7.6 percent and 7.8 percent, respectively, compared with those periods’ relative benchmarks of 10.6 percent, 5.7 percent and 6.5 percent.
The fund has 5.9 percent ($187.4 million) of its portfolio invested in core real estate, below its 8 percent target. Those investments returned –11 percent for the fiscal year, slightly below its benchmark of –10.7 percent. For the past three-, five- and 10-year periods, core real estate investments have yielded annualized net returns of 6.9 percent, 5.5 percent and 8 percent for MFPRSI, compared with those periods’ respective benchmarks of 7.12 percent, 5.6 percent and 7.8 percent.