As of June 30, 2012 the Comptroller reported to the NYCERS Trustees that the assets of the system were valued at $41.620B. The June 30, 2011 value was $41.623B. That is a small drop for FY-2012.
As a point of reference the value in 2000 was $42.997B.
For the last 12 years this has truly been the wilderness for NYCERS investments.
The whole picture is even worse.
The annual benefit payments have gone from $2.11B in 2000 to $3.568B in 2011. In addition the trustees have for some reason chosen to expand into asset classes that are not prudent for a large mature public pension fund. The trustees have also allowed investment fees rise from $32M in 2000 to $145M in 2011.
You can see from the table below the effects of the Kool-Aid. Just because everyone else is jumping off the cliff, that doesn't mean it is a good idea.
| Asset Class | 2000 | 2011 | 2012 |
| US Equity – Active Managers | $3.196B | $2.581B | $2.447B |
| US Equity – Emerging Managers | $0.247B | $0.666B | $0.667B |
| US Equity – Passive: Russell 3000 | $20.733B | $6.809B | $5.962B |
| US Equity – Passive: S&P 500 | $3.934B | $3.392B | |
| US Equity – Passive: Small & Mid-Cap | $2.861B | $2.550B | |
| US Equity – Environmental | $.064B | $.063B | |
| US Equity – Activist | $.106B | $.006B | |
| International Equity – Active | $4.460B | $3.646B | $2.293B |
| International Equity – Passive | $2.040B | $1.315B | $1.390B |
| International Equity – Environmental | $.180B | $.173B | |
| International Equity – Activist | $.290B | $.214B | |
| International Equity – Emerging Markets – Active | $1.478B | $1.572B | |
| International Equity – Emerging Markets – Passive | $.558B | $0.960B | |
| Hedge Funds | $0.078B | $0.929B | |
| Private Equity Managers | $.008B | $3.169B | $3.655B |
| Real Estate Managers | $1.268B | $1.670B | |
| US Fixed Income – Government/Mortgage/Corporate | $9.811B | ||
| US Fixed Income – Government | $1.070B | $1.058B | |
| US Fixed Income – Mortgage | $2.845B | $3.003B | |
| US Fixed Income – Corporate | $2.291B | $3.006B | |
| International Fixed Income | $.053B | $.057B | |
| US Fixed Income – Treasury: Inflation Protected/Active | $.762B | $.695B | |
| US Fixed Income – Treasury: Inflation Protected/Passive | $.251B | $.228B | |
| Fixed Income – Emerging Managers | $.095B | $.104B | |
| Fixed Income – High Yield | $1.712B | $1.288B | $2.624B |
| Fixed Income – Convertible Bonds | $.560B | $.546B | |
| Fixed Income – Opportunistic/Distressed | $.450B | $.435B | |
| In-House - Short Term | $.596B | ||
| External – Short Term | $2.483B | $1.384B | |
| In-House Targeted | $.118B | $.466B | $.500B |
| In-House Mortgage | $.010B | ||
| Securities Lending & Bank CD’s | $.007B | $.007B | |
| Total | $42.997B | $41.623B | $41.620B |
No comments:
Post a Comment