San Bernardino County posts fiscal year return of 5 percent

The San Bernardino County (Calif.) Employees’ Retirement Association (SBCERA) generated a 5 percent return for the fiscal year that ended on June 30, 2023, underperforming its benchmark of 7.2 percent.

Over the past three and five years, SBCERA has returned net annualized yields of 11.9 percent and 7.3 percent, respectively, each outperforming their respective benchmarks of 4.4 percent and 4.6 percent.

SBCERA’s real estate investments returned –1.4 percent for the fiscal year, slightly outperforming its –1.6 percent benchmark. Over the past three and five years, real estate investments for SBCERA have generated net annualized returns of 9.2 percent and 7.6 percent, respectively, each outperforming their respective benchmarks of 7.2 percent and 6.7 percent.

Infrastructure investments for SBCERA posted a 17 percent return for the fiscal year, significantly outperforming its –10 percent benchmark. Over the past three and five years, SBCERA’s infrastruct