RICHMOND, Va., Aug. 23, 2023 /PRNewswire/ -- The Virginia Retirement System reported a 6.1 % return, net of fees, on its investment portfolio for fiscal year 2023, ending the year with approximately $105 billion.
"Our disciplined strategy of maximizing returns while minimizing risk has resulted in a pattern of outperformance for the long term, exceeding the assumed rate of return for the three-, five- and 10-year periods," Chief Investment Officer Andrew Junkin said. "Against a backdrop of widely varying economic predictions, VRS investment professionals strategically managed the diversified portfolio to minimize losses and achieve a positive return with a lower level of risk."
"The VRS portfolio is positioned to be resilient in uncertain economic times," VRS Board Chair A. Scott Andrews said. "Recognizing that two-thirds of retirement benefit payments come from investment portfolio returns, our dedicated VRS investment team manages assets with skill, prudence and diligence. Our goal is to ensure that we sustain a solid financial position to support benefit payments to nearly 800,000 members, retirees and beneficiaries."
The major asset classes performed as follows for the fiscal year ending June 30, 2023:
- Public equity program returned 15.6%
- Fixed income program returned 0.5%
- Credit strategies program returned 5.7%
- Real assets program returned 1.7%
- Private equity program returned -0.7%
- Private investment partnerships 1.9%
- Multi-asset public strategies 7.7%
For more information about VRS' investment strategy, visit varetire.org/investments.
About the Virginia Retirement System
The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public sector employees through sound financial stewardship and superior customer service. VRS ranks as the 14th largest public or private pension fund in the U.S. and the 42nd largest in the world, serving nearly 800,000 active and inactive members, retirees and beneficiaries. Members include public school teachers, political subdivision employees (cities, towns, special authorities and commissions), state agency employees, public college and university personnel, state police, Virginia law officers and the judiciary. Approximately 832 employers participate in VRS.
SOURCE Virginia Retirement System
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