Maryland State Retirement and Pension System ends volatile fiscal year with 3.14% return

The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) has generated a return of 3.14 percent, net of fees, for the fiscal year ending June 30, 2023, beating its policy benchmark of 2.2 percent. The fund’s performance raised the System’s assets to $65.2 billion, an increase of nearly $600 million over the prior fiscal year. The System’s diversified and risk-balanced asset allocation is designed to reduce the probability of large market losses while producing the targeted long-term returns.

The fiscal year 2023 returns reflect a number of notable market factors: rising interest rates reflecting persistent inflation and a resilient real economy, higher U.S. stock prices despite higher interest rates and pressures on the banking system, weak emerging market stock relative performance reflecting a slower than expected post pandemic recovery in China, and the time delay for private market investments to reflect public market valuation changes.