The $53.4 billion Tennessee Consolidated Retirement System (TCRS) has clocked a 4.9 percent investment return for the 2020 fiscal year.
The portfolio earned nearly 10 percent as of June 30, rebounding from a low in March despite economic volatility caused by the COVID-19 pandemic.
“FY2020 was the most difficult investment environment since the global financial crisis,” noted Michael Brakebill, CIO of the Tennessee Treasury. “Our investment focus on diversification with protection for economic weakness yielded this exceptional result.”
As of July, TCRS had a 10 percent target allocation to the real estate asset class. The pension fund’s commingled real estate strategy allows it to invest in open- and closed-end funds, private limited partnerships, private limited liability companies, private and public REITs, and group trusts, according to TCRS’ latest investment policy.
