US - The US$35bn Pennsylvania State Employees Retirement System (SERS) posted a 17.2% return on investments for 2007, almost double the average return for the nation's largest pension plans.
Nicholas J. Maiale, chairman, SERS, said: "This represents strong performance by any measure, but especially in comparison to our peers."
"The return places us among the top 5% of large public pension plans - not only for 2007 but also over the long term, as well."
Maiale credited the scheme's "broadly diversified portfolio" as the key to the performance. According to the Q3 SERS investment report, the scheme portfolio included a 15% allocation to alternatives, 20% allocation to US equities, 9% allocation to absolute return strategies and 8% to real estate.
However, as the scheme's long term performance rests on the assumption of a return of at least 8.5% a year until 2012, Maiale urged caution over the long term outlook for the fund.
Maiale said: "The struggling financial markets at the outset of 2008 should remind us that is may not be possible to meet, let alone outperform, our investment goal every year."
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