Rhode Island Pension Returns 10.47% in Fiscal 2024

The Employees’ Retirement System of Rhode Island announced in a monthly report that the pension fund achieved a 10.47% return in the fiscal year ending June 30, outperforming its benchmark of 9.6%. The fund has returned an annualized 5.84%, 9.09% and 7.31% over the past three, five and 10 years, respectively.

The pension fund allocates 55% of its investments (40% global equities, 15% private growth) to a growth portfolio comprised of private equity and non-core real estate. Fixed income comprises 12% of the fund’s portfolio.

A crisis protection asset class comprised of Treasury duration and systemic trend strategies makes up 10% of the ERSRI’s assets. An inflation protection portfolio made up of core real estate and private real assets has an 8% allocation. Volatility protection, namely investment grade fixed income, absolute return strategies and strategic cash, make up 15% of total assets.

The global equity portfolio returned 19.99%, and the fund’s income portfolio and private growth portfolio gained 10.34% and 6.61%, respectively. Volatility protection returned 7.76%, while inflation protection and crisis protection came in at negative 1.53% and negative 1.31%.

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The ERSRI provides retirement and other benefits for 40,000 active and inactive members and more than 28,000 retirees. The pension fund has $11.369 billion in assets under management, as of June 30.