US - The Public Employee Retirement System of Idaho (PERSI) lost almost US$19m in January, contributing to an overall loss of $181m for the fiscal year to date.
Bob Maynard, CIO, PERSI, commented on the current climate which was affecting the fund's returns: "Credit concerns and a slowing economy, with high oil prices, a weak dollar, slowing consumer spending, stalling job growth, and declining corporate profits continue to drag down the equity markets."
Maynard continued the fund would have to contend with increased concern for the US dollar and potential inflation over the coming months.
Despite poor performance over the fiscal year, at a negative -1.7%, international equities produced a 3.2% return for the fund over January.
Conversely, fixed income produced a negative -1.8% over the month but had returned 8.2% over the fiscal year.
PERSI reported its latest portfolio distribution as 58% to global and US equities, 7% to international equities, 27% to fixed income and 7% to emerging markets.
Despite this performance the fund remained ahead of its strategic benchmark for the fiscal year by 2.2%
Maynard said newly appointed global manager, Fortis, had started out strongly, with Barings and Zesiger amongst those performing well.
PERSI's fund value stood at $11.2bn on 25 February 2008.
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