SEPTEMBER 25, 2014

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MassPRIM’s real estate portfolio beats benchmark

by Reg Clodfelter

The $5.5 billion real estate portfolio of Massachusetts’ $60.7 billion Pension Reserves Investment Trust beat its benchmark by 140 basis points — a wider margin than any asset class in the portfolio outside of hedge funds — by returning 13.1 percent for the year ended July 31, 2014.

Despite the success of the entire portfolio, the REIT portfolio underperformed its one-year benchmark through July 31 by 20 basis points by returning 13.1 percent, and its year-to-date benchmark by 40 basis points by returning 12.1 percent. This is despite the fact that REITs have had a very strong 2014 that has seen the FTSE NAREIT All Equity REITs Index return 21.17 percent in 2014, as of Aug. 29, 2014. 

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