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Sign in Sign up for a FREE subscriptionRhode Island pension fund logs highest asset value ever, despite COVID-19
The Employees’ Retirement System of Rhode Island has finished the fiscal year ending June 30 with $8.46 billion in assets under management, a higher value than any previous fiscal year close in the state’s history.
Despite market uncertainty caused by the COVID-19 pandemic crisis, Rhode Island outperformed 95 percent of U.S. pension plans in the first quarter of 2020, according to Investment Metrics, an investment performance analytics source for institutional investors.
Rhode Island said its performance is largely owed to the implementation of a Crisis Protection Class, which earned 15.1 percent in the first quarter of 2020, a period in which global stock markets suffered double-digit declines.
The Class’ strong performance helped the fund bounce back from the market challenges experienced in the first quarter of 2020, returning 8.3 percent over the months of April, May and June.
As of June 30, Rho
