US - The Idaho Public Employee Retirement System (PERSI) ended the fiscal year at US$10.9bn having dropped -4.2% in 12 months.
Maynard said: "It could have been worse in that PERSI once again substantially outperformed its policy benchmark (55% Russell 3000, 15% EAFE, and 30% Lehman Aggregate) by 2.15%."
"Strategic biases added 3.8% to total fund returns, led by emerging markets (1.1%), private equity (1.0%), TIPS (0.7%) and global equities (0.5%)," Maynard clarified.
International equity and the fund's fixed income holdings also beat their relevant benchmarks
Fixed income gave 9.7% over the fiscal year, the only asset class to produce a positive return.
Global equities underperformed for the first time in a decade, dragging the fund value down by -0.7%, US equities took off a further -0.4% and emerging markets -0.2%.
Private equity, Barings and Fortis were hailed as 'stars of the year' by Maynard.
At the end of June, PERSI held 54% in US and global equities, 8% in international equities, 7% in emerging markets and 30% fixed income.
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