|
Post by Logan on Jan 27, 2016 23:30:11 GMT -6
PROVIDENCE, R.I. — Rhode Island's pension system investments lost money in 2015, the first year-over-year decline for the retirement fund since the 2008 financial crisis, the State Investment Commission reported Wednesday. The $7.5-billion pension fund posted a 0.28 percent loss, shrinking by $436 million from December, 2014, as global equity markets slumped after several strong years. In 2014 the pension fund's value rose 4.9 percent and in 2013 it rose 14.1 percent. During the throes of the financial crisis, the fund lost 26.2 percent in 2008. Despite the setback, pension system officials said the past year's results validated the investment diversification strategy spearheaded by former treasurer, now governor, Gina Raimondo, that included a major expansion of the state's hedge fund holdings. Discussing the 2015 pension performance at the Investment Commission's monthly meeting, General Treasurer Seth Magaziner credited the $1.1-billion hedge fund portfolio, plus other alternative investments, with preventing last year's losses from being even larger. Read more: www.providencejournal.com/news/20160127/ri-pension-fund-loses-value-for-first-time-since-08-crisis
|
|