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Virginia Retirement System reports net return of 1.4 percent

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The Virginia Retirement System (VRS) had a net return of 1.4 percent on its investment portfolio for fiscal year 2012.

VRS ended the fiscal year with $53.1 billion in assets. 

During the year ending June 30, the fund’s real assets program returned 11.9 percent, the private equity program returned 10.9 percent, the fixed-income returned 7.9 percent and the credit strategies
program returned 1.4 percent.  The public-equity program returned -4.6 percent,  a result that VRS said reflected market shifts during the year.

As of June 30, the portfolio included $21.8 billion in public equity, $12.5 billion in fixed income, $7.2 billion in credit strategies, $4.8 billion in private equity and $4.3 billion in real assets.

“Although the market did not produce the returns we had hoped for, our staff made the best of a difficult global market, taking advantage of every opportunity to protect the portfolio and add value,” VRS Board Chairman Diana F. Cantor said in a statement. “Realistically, the world has not recovered from the 2008 financial meltdown, and it is still a difficult time to be an investor.”  As the market has become more volatile, the Board of Trustees has redoubled its focus on the appropriate asset allocation and risk profile for the trust fund,” she said.

VRS serves approximately 600,000 members, retirees and beneficiaries.  The retirement system ranks as the nation’s 22nd largest pension fund.

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