The New York State Common Retirement Fund’s (Fund) estimated return in the third quarter of the State Fiscal Year (SFY) 2018-19 was -7.17 percent for the three-month period ending Dec. 31, 2018, with an estimated value of $197.3 billion, according to New York State Comptroller Thomas P. DiNapoli.

"Like other investors, the Fund saw its strong first half gains erased during the market’s steep drop at the tail end of 2018," DiNapoli said. "Fortunately, the market has since recouped some of those losses. More importantly, the Fund remains well-diversified to handle the current market volatility and provide sustainable, long-term investment returns."

The Fund's estimated value reflects benefits of $8.5 billion paid out during the first three quarters of SFY2018-19. The Fund’s audited value as of the March 31, 2018 close of last fiscal year was $207.4 billion.

As of December 31, 2018, the Fund had 36.4 percent of its assets invested in publicly traded domestic equities and 14.9 percent in international public equities. The remaining Fund assets by allocation are invested in cash, bonds and mortgages (26.5 percent), private equity (9.5 percent), real estate and real assets (8.6 percent) and absolute return strategies and opportunistic alternatives (4.1 percent).

DiNapoli initiated quarterly investment performance reporting in 2009 as part of his ongoing efforts to increase accountability and transparency. Quarterly rates of return provide a snapshot of performance over three months and reflect a fraction of the annual investment return. The Fund’s investment returns were 1.53 percent in the first quarter and 3.47 percent in the second quarter.

About the New York State Common Retirement Fund

The New York State Common Retirement Fund (Fund) is the third largest public pension plan in the nation with an audited value of $207.4 billion in assets (as of March 31, 2018) held in trust for the retirement security of the more than one million members of the New York State and Local Retirement Systems (NYSLRS). As a long-term investor, the Fund has an investment approach which capitalizes on market opportunities and weathers market ups and downs. The Fund is widely regarded as one of the nation's best-managed and best-funded pension plans.