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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015

DiNapoli: State Pension Fund Valued at $246.3 Billion at End of Second Quarter

November 17, 2023

New York State Comptroller Thomas P. DiNapoli today announced that the estimated value of the New York State Common Retirement Fund (Fund) was $246.3 billion at the end of the second quarter of State Fiscal Year 2023-24. For the three-month period ending Sept. 30, 2023, Fund investments returned an estimated -1.59%.

“The bounce back that markets experienced during the first quarter of the state fiscal year gave way to declines in the second quarter,” DiNapoli said. “Our domestic economy has been resilient amid rising interest rates, inflation, and global turmoil, but markets have been turbulent. This kind of volatility is why we have a long-term perspective with a well-diversified portfolio, ensuring the strength of the fund for generations to come.”

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 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.