Rhode Island's pension fund earned more than $1.09 billion from investments in 2017 bringing the fund's value to $8,420,929,978, the highest in more than a decade.
"In 2017 we took our investment strategy Back to Basics and delivered strong returns that are helping the pension fund get stronger," said Treasurer Magaziner.
The fund earned 1.10 percent in the month of December 2017, bringing its 12-month performance to 14.48 percent, outperforming the plan's own benchmark of 14.39 percent for the same period.
As of December 31, the Rhode Island pension fund outperformed its annual 7 percent average investment target over the past 1, 3 and 5 years.
Treasurer Magaziner announced the Back to Basics investment strategy in September 2016. In that time, the fund has exited seven hedge funds, reallocating $500 million into more traditional investments.
Detailed information about the fund is published online as part of Treasurer Magaziner's 'Transparent Treasury' initiative at: investments.treasury.ri.gov
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