Nevada Public Employees reports a 9.1% gross return for fiscal year 2023

Nevada Public Employees’ Retirement System, with roughly $58 billion in assets under management, reported a gross return of 9.1 percent for the fiscal year ending June 30, 2023.

U.S. and international stocks were major contributors to the fund’s portfolio growth in the fiscal year, with U.S. stocks returning a net 19.5 percent (below Nevada’s 19.6 percent policy benchmark) and international stocks returning a net 17.7 percent (above the 17.4 percent benchmark). U.S. bonds and private markets both underperformed their benchmarks, as U.S. bonds returned –2.3 percent (compared with a benchmark of –2.1 percent) and private markets returned –6.0 percent (compared with a benchmark of 9.8 percent).

The low returns on private market investments, which comprise 13.5 percent of Nevada PERS’ investment portfolio, contributed to the fund performing below its overall benchmark of 11.9 percent.

As of June 30, U.S. stocks made up 43.2 percent of Nevada PERS’ po