San Jose Police and Fire reports a 7.7% return for fiscal year
Investors - SEPTEMBER 15, 2023

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San Jose Police and Fire reports a 7.7% return for fiscal year

by Lewis Dayton

The $4.7 billion San Jose (Calif.) Police and Fire Department Retirement Plan reported a net return of 7.7 percent for the fiscal year that ended June 30, outperforming its benchmark of 7.5 percent.

The fund’s annualized net returns during the past three years are 8.9 percent (compared with an 8.4 percent benchmark), with the past five years at 6.8 percent (6.5 percent benchmark) and the past 10 years are 6.2 percent (6.3 percent benchmark).

The pension fund’s core real estate holdings saw a net -0.2 percent return for the fiscal year, better than the fund’s -3.9 percent benchmark. During the past three years San Jose’s core real estate holdings have returned annualized net gains of 10.1 percent and during the past five years gains of 8.2 percent, compared with benchmarks of 8.1 percent and 6.2 percent, respectively.

San Jose Police and Fire’s growth real estate holdings returned 7.3 percent for the fiscal year, significantly outperforming its benchmar

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