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For the most recent fiscal year, the best performing asset class for the pension fund was its opportunistic strategy asset class with a net return of 52% for the fiscal year ended June 30 (above of its benchmark of 10.4%), followed by national stocks at a 43.2% (below its benchmark of 44.2%), which was matched by commodities at a net amount of 43.2% (below its benchmark of 45.6%).
Emerging markets equities follow next, with a net return of 39.5% (below its benchmark return of 43.7%); private equity, with a net return of 38% (no benchmark available); international developed equities, a net return of 36.7% (above its benchmark return of 35.4%); hedge funds, 16.1% (12.3%); alpha pool, 14.6% (4.1%); private real estate, 10.9% (not available); basic real estate, 5.6% (8%); fixed income, 5.2% (4.1%); and private credit, 3.8% (not available). All asset class returns are preliminary and unaudited.
As of June 30, the actual allocation was 23.1% Fixed Income, 22.5% Domestic Equity, 13.1% International Equity, 10.8% Hedge Fund, 5.8% emerging market equities, 5.4% commodities, 5% basic real estate, 4.4% intermediate energy, 4.2% private credit, 3.9% alpha pool, 1 , 8% opportunistic assets, 1.6% private equity, 1.2% private real estate and -2.8% cash and equivalents.
The allocation of cash and equivalents is defined by KCERA’s investment policy statement as physical cash “adjusted by the net notional exposure of overlay positions and derivative positions for the capital efficiency program. “.
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