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Fresno County fund posts 25.5% return for year

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Fresno County (Calif.) Employees’ Retirement Association returned a net 25.5% for the fiscal year ended June 30, documents from the $6.3 billion pension fund show.

The return was above its policy benchmark of 24.4%.

For the three, five and 10 years ended June 30, the plan returned a net annualized 10.2%, 9.6% and 7.5% vs. its respective benchmarks of 10.6%, 9.3% and 7.5%.

By asset class, domestic equities returned a net 45.4% for the year, above its benchmark of 41.9%. Meanwhile, international equities returned 38.1% (above its 36.3% benchmark); private equity, 31% (94.8%); private credit, 17.2% (23.7%); infrastructure, 14.6% (7.1%); fixed income, 8% (5%); and real estate, 2.5% (7.1%).

The plan’s actual allocation as of June 30 was 30.1% domestic equities (vs. its target allocation of 28%), 24.5% global fixed income (26%), 21.8% international equities (21%), 7.2% private credit (8%), 5.7% private equity (6%), 4.2% real estate (7%), 3.2% infrastructure (4%), and the rest in cash (zero).

Separately, at its meeting Wednesday, the retirement board selected Athena Actuarial Consulting to conduct an actuarial audit, confirmed Donald C. Kendig, retirement administrator, in an email.

The RFQ was issued in June. Bartel Associates and Cheiron were the other finalists.