US - The Maryland State Retirement and Pension System returned 14.3% on investments in the six months to December 31, increasing the fund's value by more than $4bn.
The earnings exceed the 7.75% actuarially assumed return rate, raising the assets of the system to $36bn, up from $31.8bn reported at the close of fiscal year 2010, six months before.
"The board is very pleased with the fund's continuing positive performance and the steady growth we have seen in the fund since the economic downturn of just a few years ago," said State Treasurer Nancy Kopp, chair of the Maryland State Retirement and Pension System Board of Trustees.
"The upward trajectory the system has enjoyed over the last couple of years is due in no small part to professional management by the system's investment team and to the prudently diversified asset allocation that they manage."
On June 30, 2010, the state pension system finished fiscal year 2010 with returns of 14.0%, significantly exceeding the 7.75% actuarially assumed rate and providing a $1.8gh gain above the expected return.
When compared to other states, Maryland's pension system performed better than 65% of public funds of similar size, it claimed. The system has realised average returns of 9.3% over the last 30 years.
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