North Carolina State Pension Fund returns 5.28 percent for the fiscal year

The North Carolina State Pension Fund (NCSPF) returned 5.28 percent for the fiscal year that ended on June 30, below its benchmark of 6.49 percent.

Over the past three-, five- and 10-year periods, the pension fund has yielded annualized returns of 5.17 percent, 5.29 percent and 6.27 percent, respectively, compared with their respective benchmarks of 5.85 percent, 5.45 percent and 5.95 percent.

Some $2.26 billion of the NCSPF’s $115.1 billion portfolio is allocated toward noncore real estate. During the past fiscal year those investments yielded a return of –11.43 percent, below the asset class’s –2.37 percent benchmark.

Over the past three-, five- and 10-year periods, noncore real estate investments have generated annualized returns of 5.71 percent, 5.42 percent and 10.02 percent, respectively, compared with those time periods’ respective benchmarks of 8.61 percent, 6.22 percent and 7.62 percent.

The NCSPF has $6.4 billion of capital invested in