The Maryland State Retirement and Pension System (MSRPS) has announced a 3.57 percent net return on investments for the fiscal year ending June 30, reflecting the ongoing impact of the COVID-19 pandemic on global markets.
While the earnings fell short of the System’s 7.4 percent assumed actuarial return rate, it exceeded the policy benchmark of 3.14 percent by 43 basis points, according to MSRPS.
Andrew Palmer, CIO of MSRPS, said the system had a limited exposure to sectors that struggled, such as energy, commodities and retail. With an 11.9 percent allocation, the real assets class logged a –4.43 percent return against its benchmark of –2.97 percent.
The fund’s overall performance increased the system’s assets to $54.8 billion, representing a $563 million increase from the previous year.
“With lessons learned from the great recession a decade ago, the board of trustees has carefully designed a well-balanced portfolio of investments to mitigat
