(Bloomberg) — New York City's five pensions posted their weakest investment performance in three years, weighed down by losses in international stocks and weak bonds returns.
The city's pensions for police officers, fire fighters, teachers, civil employees and school administrators gained 3.15 percent for the 12 months ended June 30, after accounting for fees, Comptroller Scott Stringer said. It was the weakest gain for the $163 billion funds since a 1.37 percent return in 2012 and fell short of the funds' 7 percent target.
"The New York City Pension Funds performed well in a difficult investing environment, but we are always focused on investing for the long term," Stringer said in a statement. "We remain confident that our mix of assets is well-positioned to take advantage of market opportunities in the coming years."
Stringer, a Democrat, serves as the funds' investment adviser, custodian and as a trustee. New York is reporting pension returns after fees across all assets for the first time, Stringer said. The pensions returned 3.4 percent before taking fees into account.
