The San Bernardino County Employees’ Retirement Association announced Wednesday that it achieved a preliminary 12-month return of 9.3% for the fiscal year ending June 30.
The fund, which saw its assets grow to $15.2 billion, outperformed the fund’s actuarial rate of return of 7.25%. Annualized for the five-year period ending June 30, the fund achieved an 8.2% return over the period. Annualized over the past 40 years, the fund has achieved a 9% return.
“Our fund is positioned well for both market volatility and long-term investments, and this year’s results continue to reflect that,” said Jared Newcomer, chair of the SBCERA Investment Committee, in a statement.
SBCERA has a long-term, income-focused investment strategy. For the period ending May 31, the fund’s asset allocation consisted of international fixed income (20.6%), private equity and venture capital (19.5%), U.S. fixed income (16.3%), U.S. equities (13.1%), international equities (7.2%), alpha pool (7.2%), cash (7.1%), real assets (5.3%) and real estate (3.8%).
“At SBCERA, we balance an opportunistic approach with a long-term investment strategy,” said Donald Pierce, SBCERA’s CIO, in a statement. “Our team will continue finding appropriate opportunities to achieve our investment return goals—no matter what the economic climate brings.”
Earlier this year, the fund had announced a 7.3% return for the calendar year 2023. In February, the fund issued a survey to identify investment opportunities in global credit.
SBCERA manages investments and provides retirement and other benefits for 48,000 members and beneficiaries for 17 employers throughout California’s San Bernardino County.
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Tags: California, Donald Pierce, Jared Newcomer, Pension, San Bernardino County Employees' Retirement Association, SBCERA