ALBANY, N.Y. — The New York State Common Retirement Fund generated a -2.68 percent return on investments in the state fiscal year ending March 31, as the COVID-19-induced market selloff in March and late February hurt asset values.
The fund ended its fiscal year during the early outbreak of the pandemic in the U.S. with a value of $194.3 billion, the office of New York State Comptroller Thomas DiNapoli said.
Stock markets rebounded sharply in the second quarter, amid massive monetary and fiscal stimulus and the reopening of economies.
(Sponsored)
Does Your Nonprofit Need an Annual Audit?
Many people wonder if a nonprofit needs an annual audit, and the answer is—it depends.Although there is no federal requirement that all tax-exempt organizations undergo an audit, many possible triggers
Don’t Take the Bait: Phishing Scams to Avoid
Americans lost $8.8 billion to phishing and other fraud in 2022, according to the Federal Trade Commission, with financial fraud increasing over 30% from 2021. Every day, thousands of people
“Despite very solid returns through February, the coronavirus sent markets into a tailspin just as we were closing the books on our fiscal year,” DiNapoli said. “The fund has already recovered much of those losses…”
As of March 31, the state pension fund had 49.07 percent of its assets invested in publicly traded stocks. The remaining fund assets by allocation are invested in cash, bonds, and mortgages (26.23 percent), private equity (11.19 percent), real estate and real assets (9.66 percent) and absolute return strategies and opportunistic alternatives (3.85 percent).
The fund’s value reflects retirement and death benefits of $13.25 billion paid out during the fiscal year.
