The Rhode Island Pension Fund continues to build upon the success of the last year, when it closed out 2020 at an all-time high, surpassing $9 billion in assets for the first time in history. Despite market volatility in the month of January, the Rhode Island Pension Fund remained steady at nearly $9.5 billion, and outperformed the U.S. and global stock markets.
"I'm focused on keeping Rhode Island financially secure during the pandemic, including by continuing to grow and protect the pensions of the public servants who spent their careers helping others," said Rhode Island General Treasurer Seth Magaziner. "This is a volatile time for the U.S. stock market, full of unknowns – which is why I'm glad to see is the Back to Basics investment strategy continuing to stabilize the Rhode Island Pension system and guard against unreliable markets."
Treasurer Magaziner's Back to Basics investment strategy, which prioritizes long-term growth and stability has allowed Rhode Island to consistently outperformed its peers in recent years; it performed better than 87 percent of similar funds in the 2020 fiscal year. Fiscal Year to Date through January, the pension fund has earned 14.03% net of fees and expenses, outperforming a benchmark of 60% stocks and 40% bonds, which would have returned 14.01%.
Additional information about the fund, including the 'Back to Basics' investment strategy, performance, and detailed information about its managers are published online as part of Treasurer Magaziner's "Transparent Treasury" initiative at investments.treasury.ri.gov.
Note: All performance is reported on a "net of fees" basis.
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