Press Release: Maryland State Retirement Agency Revises FY 2010 Earnings on Investments to 14.03%
Exceeds 7.75% assumed return.
For Immediate Release
Baltimore, MD August 27, 2010
The Board of Trustees of the Maryland State Retirement and Pension System has been informed that its portfolio returned 14.03 percent on investments for the fiscal year that just ended June 30, 2010—exceeding the 7.75 percent assumed actuarial return rate. The performance raised the assets of the system to $31.84 billion. Earnings previously had been reported at 14.05%, but one of the System's investment managers had mistakenly over-reported one of their holdings for the month of June, resulting in the slightly downward revision.
Mansco Perry, Chief Investment Officer said, “My staff has worked tirelessly to realize this kind of a return during these challenging economic times. I believe these results demonstrate we have a portfolio headed in the right direction. We are very proud that we exceeded our policy benchmark by 222 basis points (2.22 percent) net of fees.”
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“The board is very pleased with the fund’s performance, due in no small part to the excellent team headed by Mr. Perry and to the system’s prudently diversified asset allocation that they manage,” said State Treasurer Nancy K. Kopp, Chair of the Maryland State Retirement and Pension System Board of Trustees. “This offers further proof to our more than 367,000 members that they can rely on the professional staff of the State Retirement Agency to look after their interests. We should all be pleased with the results.”
Contact: Michael D. Golden