US - North Carolina treasurer Richard Moore has reassured state pension scheme members their fund is structured to weather market downturns and shifts, amid growing concerns about the health of the scheme.
"While recent developments are serious for all investors, the pension fund is conservatively invested and diversified in order to protect members' benefits over the long haul."
In a release published at the beginning of October, the Department of the State treasurer said the fund had more than US$72bn in assets.
However, reports published yesterday said according to Moore's office the fund was valued at around US$66bn as of 30 September, compared to $72bn on 30 June and $78bn as of September last year.
Moore said many holdings in companies "watched most carefully" had decreased since 30 June.
He added: "That shows that our managers have seen the problems coming and responded appropriately.
"Our insistence on being diversified, within our stock portfolio and across different kinds of investments, is more important now than ever."
He said while the stock market and, in particular, financial sector stocks had been volatile, the fund's bonds, alternative investments and real estate holdings continued to perform well and provided support to the pension fund.
He concluded the fund remained committed to high quality investments, which, he said, was "something that continued to pay off".
Figures released by the Department of the State treasurer last August showed for the fiscal year ending 30 June, the fund lost 2.07%.
The fund's fixed income holdings posted an 8.35% return for the year, while the equity portfolio lost 10.45%.
The alternatives and real estate portfolios had 7.60% and 8.74% returns respectively, those figures showed.
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