Mendocino County returns 8.29% for fiscal year
Mendocino County (Calif.) Employees’ Retirement Association, with $664 million AUM, returned a net 8.29 percent for the fiscal year that ended on June 30, above its benchmark of 8.21 percent.
The fund’s annualized net returns for the past three, five and 10 years has been 8.84 percent, 6.67 percent and 8.34 percent, respectively. Its benchmarks for those respective time periods have been 8.08 percent, 7.08 percent and 8.14 percent.
The fund holds 12 percent ($81 million) of its portfolio in domestic real estate and 8 percent ($52 million) in infrastructure. The respective target asset allocations for those sectors are 11 percent and 6 percent.
Mendocino County’s domestic real estate holdings returned -12.65 percent for the fiscal year, below its custom real estate benchmark of -10.51 percent, while the fund’s infrastructure holdings returned 9.7 percent, well above the fund’s infrastructure benchmark of -10.51 percent.
The highest returning assets for Mendocino County in the past fiscal year came from domestic equity (17.62 percent) and international equity (14.15 percent), contributing to the portfolio performing above the fund’s benchmark.