The estimated value of the New York State Common Retirement Fund (Fund) was $309.7 billion at the end of the first quarter of State Fiscal Year 2026-27, New York State Comptroller Thomas P. DiNapoli announced today. Fund investments returned an estimated 6.12% for the quarter.

"The New York State Common Retirement Fund returned another strong quarter despite a host of factors including persistent inflation, higher energy prices, and ongoing geopolitical conflicts,” DiNapoli said. “Our disciplined investment strategy is focused on diversification, responsible risk management, and long-term stability so that we achieve the Fund’s purpose of protecting the retirement security of our public workers, retirees, and their families.”

The Fund's estimated value was $295.4 billion as of March 31, 2026, the end of the state’s fiscal year. As of March 31, 2026, the Fund had 39.4% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (22.9%), private equity (14.3%), real estate and real assets (14.3%), and credit, absolute return strategies, and opportunistic alternatives (9.1%).

The Fund’s long-term expected rate of return is 5.9%.

DiNapoli’s management of the Fund has received praise from two independent reviews released in 2026. First, a statutorily required fiduciary and conflict of interest review of the Fund released in January recognized the Fund for its exemplary investment oversight, risk management, and ethical governance. This review, conducted by Weaver and Tidwell LLP and required by state regulations, is part of the reforms that DiNapoli fought for when he became State Comptroller to provide the public with a clear, independent assessment of how the Fund is being managed and where improvements could be made.

Weaver’s review found:

• The Fund operates under a strong governance framework with a rigorous system of internal controls and maintains a high level of operational transparency.
• DiNapoli manages the Fund with the highest ethical, professional, and conflict of interest standards, and acts for the sole benefit of the retirement system’s members and beneficiaries.
• The Fund has a great deal of focus on the fees applied to each individual deal and whether the proposed fees fall within prevailing market norms.
• The Fund demonstrates a strategic asset allocation between public and private markets that closely aligns with its peer group.
• Fund staff are knowledgeable and dedicated and manage the Fund in the most efficient and effective manner possible.

The fiduciary review highlights that the Fund’s high-funded status and conservative assumed rate of return put it in a stronger financial position to meet long-term obligations than its peers and is able to weather market volatility. The funded status was 96.8% as of March 31, 2026. 

The second review was conducted separately by the New York State Department of Financial Services (DFS), the regulator of the Fund and the New York State and Local Retirement System. This review found the investment and risk teams are performing their duties professionally and competently while safeguarding the retirement security of the state pension fund’s members.

DFS’ review found:

• Total fund performance versus benchmarks over 3-, 5-, and 10-year periods “has been very good,” and it highlights the pension fund’s consistently healthy funded ratio as evidence of a well-managed portfolio and low risk to pensioners.
• No concerns “that the level of investment fees and expenses is excessive or about the diligence conducted in monitoring them and assuring accuracy."

After conducting numerous interviews and comprehensively examining risk reports, guidelines, asset allocation, asset-liabilities studies, liquidity management, investment due diligence and various other areas, DFS concluded “the NYSCRF investment and risk teams are professional and competent, and they take their fiduciary responsibilities of loyalty, care, and prudence seriously.” DFS determined the consistency of a very healthy funded ratio over a 10-year period is indicative of a well-managed investment portfolio.

DiNapoli initiated quarterly performance reporting by the Fund in 2009 as part of his ongoing efforts to increase accountability and transparency.