New York State Comptroller Thomas P. DiNapoli today announced that the estimated value of the New York State Common Retirement Fund (Fund) was $273.4 billion at the end of the third quarter of State Fiscal Year 2024-25. For the three-month period ending Dec. 31, 2024, Fund investments returned an estimated -0.14%.

“Although 2024 was generally positive, markets fell in December. Investors will face continued uncertainty in the months ahead with the potential for tariffs and geopolitical issues raising concerns even as the U.S. economy continues to show strength,” DiNapoli said. “Fortunately, our diverse and well-managed portfolio is built to withstand market fluctuations and remains one of the reasons we are among the nation’s strongest and best-funded public pension funds.”

The Fund's third quarter value reflects retirement and death benefits of $4.3 billion paid out during the quarter. The Fund's audited value was $267.4 billion as of March 31, 2024, the end of the state’s fiscal year.

As of Dec. 31, the Fund had 40.94% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages at 22.16%, private equity at 14.58%, real estate and real assets at 13.93%, and credit, absolute return strategies, and opportunistic alternatives at 8.39%.

The Fund’s long-term expected rate of return is 5.9%.

DiNapoli initiated quarterly performance reporting by the Fund in 2009 as part of his on-going efforts to increase accountability and transparency.