New York State Comptroller Thomas P. DiNapoli today announced that the estimated value of the New York State Common Retirement Fund (Fund) was $254.1 billion at the end of the first quarter of state fiscal year 2023-24. For the three-month period ending June 30, 2023, Fund investments returned an estimated +3.08%.
“The rebound of the financial markets in recent months helped the Fund post positive results for the quarter,” DiNapoli said. “Recent economic indicators have shown a resilient U.S. economy, but the Fund’s diversified portfolio is well-positioned to handle any market fluctuations. Our pensioners, members and beneficiaries can remain confident that their benefits are safe thanks to our prudent management and long-term perspective.”
The Fund's value reflects retirement and death benefits of $4.09 billion paid out during the quarter. Its audited value was $248.5 billion as of March 31, 2023, the end of last state fiscal year.
As of March 31, the Fund had 44.14% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (21.53%), private equity (14.61%), real estate and real assets (13.39%) and credit, absolute return strategies, and opportunistic alternatives (6.33%).
The Fund’s long-term expected rate of return is 5.9%.
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.