Officials on the state pension fund count on financial cycles and market downturns will periodically have an effect on their investments and the quarter that led to September “was one of those periods, unfortunately,” the pinnacle of the retirement fund stated.
The Pension Reserves Investment Trust Fund was down 4.7% within the quarter, which means that it fared barely higher than a 60/40 mixture of shares and bonds, which might have declined 6% throughout the identical three-month interval, MassPRIM Executive Director and Chief Investment Officer Michael Trotsky informed the board Thursday.
The retirement funds of state staff, lecturers and lots of municipal staff in Massachusetts are invested by means of PRIM and its PRIT Fund now stands at $88.6 billion after three consecutive quarters of market declines, Trotsky stated Thursday. That’s down from $92.4 billion in June and down from a reported $101 billion in belongings underneath administration as of the tip of October 2021.
“We’ve had three straight quarters of market declines and this is both painful, obviously, and it’s also historic. Not since 1976 have we experienced three consecutive quarters where both equities and bond returns were negative. Both equities and bonds were down each quarter, in the March quarter, in the June quarter and again in the September quarter,” Trotsky stated.
Source: www.bostonherald.com”