The $7.65 billion Employees' Retirement System of Rhode Island achieved positive gains for a fifth straight month in July with a 2.47% return and $150 million fund balance growth, State Treasurer Seth Magaziner announced Thursday.
Magaziner said that all asset classes in the fund's portfolio reported positive monthly gains led by non-U.S. public equity at 5.02%. The Rhode Island retirement system has returned 5.10% since the beginning of the year and is ahead of its benchmark by 0.32%, according to Magaziner. The pension system has seen positive net gains of roughly $350 million since Magaziner assumed office in January 2015, but he emphasized Thursday that an investment study launched earlier this year is aimed at further enhancing performance.
"The Employees Retirement System achieved positive performance in July through a diversified investment strategy designed to keep our state pension system moving forward on a healthier path," Magaziner said in a statement. "I still believe we can do better."
The Employees' Retirement System was established in 1936 and serves roughly 32,000 active members.
