New York State Comptroller Thomas P. DiNapoli today announced that the estimated value of the New York State Common Retirement Fund (Fund) was $233.2 billion at the end of the second quarter of the state’s fiscal year. For the three-month period ending Sept. 30, 2022, Fund investments returned an estimated -3.85%.
“The recent volatility in the markets and concerns over the state of the economy have hit investors hard,” DiNapoli said. “Inflation and supply chain issues are continuing to impact the financial world and we expect a challenging investment environment for the foreseeable future. Still, the Fund is highly diversified and built to weather the ups and downs of the markets. Our pensioners and members can remain confident that their benefits are safe.”
The Fund's value reflects retirement and death benefits of $3.745 billion paid out during the quarter. Its audited value was $272.1 billion as of March 31, 2022, the end of the state fiscal year.
As of Sept. 30, the Fund had 42.33% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (22.62%), private equity (15.29%), real estate and real assets (13.53%) and credit, absolute return strategies, and opportunistic alternatives (6.23%).
The Fund’s long-term expected rate of return is 5.9%.
Every three years the Fund is required to undergo an independent Fiduciary and Conflict of Interest Review. The review, most recently performed by Kroll LLC, found the Fund “continues to be a leader amongst its peers for management and operational transparency.”
DiNapoli initiated quarterly performance reporting by the Fund in 2009 as part of his on-going efforts to increase accountability and transparency.
About the New York State Common Retirement Fund
The New York State Common Retirement Fund is one of the largest public pension funds in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. It has consistently been ranked as one of the best managed and best funded plans in the nation.