Comptroller Tom DiNapoli’s office reported a relatively small return of return on the state’s common retirement fund this afternoon, but both his office and a prominent Albany budget hawk later cautioned to not read too much into the numbers.
The pension fund grew to $158.7 billion in the first quarter of this year, shownig a 0.29 percent rate of return, DiNapoli’s office said today.
“The Fund’s positive performance in the markets was offset by a weak return in our fixed income holdings in the first quarter of the fiscal year,” DiNapoli said in a statement. “Our investment strategy is geared toward the long-term and we will continue to keep that perspective as we focus on providing strong returns year after year.”
The news led to some immediate comments — mostly on Twitter — that the fund’s results were disappointing.
Spokesman Eric Sumberg added some context noting that the fund’s first quarter growth last year was even worse: “last year’s 1st Q result was -0.92 percent. Fund ended at 10.4 percent for FY.”
And E.J. McMahon of the Empire Center for New York State Policy also urged some caution in the report.