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New York\u2019s state pension fund registered a 6.1% return for its fiscal first quarter ended June 30, raising its asset value to $309.7 billion, from $295.4 billion at the end of March. The fund also cut back sharply on its equity holdings in tech giants Apple, Google, Microsoft, Nvidia and Micron Technologies during the quarter.<\/p>\n
\u201cThe New York State Common Retirement Fund returned another strong quarter despite a host of factors including persistent inflation, higher energy prices and ongoing geopolitical conflicts,\u201d said New York State Comptroller Thomas DiNapoli, in a statement. \u201cOur disciplined investment strategy is focused on diversification, responsible risk management and long-term stability.\u201d<\/p>\n
As of March 31, the NYCRF\u2019s asset allocation was 39.4% public equities, 22.9% in cash, bonds and mortgages, 14.3% private equity, 14.3% real estate and real assets and 9.1% credit, absolute return strategies and opportunistic alternatives.<\/p>\n
The fund\u2019s annual long-term expected rate of return is 5.9%.<\/p>\n
<\/p>\n Never miss a story \u2014 sign up for CIO newsletters to stay up-to-date on the latest institutional investment industry news. \uf061<\/p>\n <\/a><\/p>\n Ahead of tech stock slump that began in July, the pension fund cut back sharply on its shares in Nvidia, Apple, Google, and Microsoft during the second quarter, according to Securities and Exchange Commission filings for Q1<\/a> and Q2<\/a>.<\/p>\n Compared with the end of the first quarter, the NYCRF reported more than 1.3 million fewer shares in Nvidia at the end of the second quarter, which is equal to about a 5% reduction of its holdings in the chipmaker.<\/p>\n NYCRF cut its holdings in Google owner Alphabet\u2019s A and C shares by 5.2% combined, or a 666,100 drop in shares.\u00a0 The pension fund cut its exposure to Apple stock by 638,000, or 3.7%, during the quarter, while it reported owning roughly 378,000 fewer shares of Microsoft, or a 4.4% cut in its shareholdings.<\/p>\n \u00a0<\/p>\n More on this topic:<\/p>\n Tags: Apple<\/a>, Google<\/a>, Microsoft<\/a>, New York State Common Retirement Fund (NYCRF)<\/a>, Nvidia<\/a>, Thomas P. DiNapoli<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"New York\u2019s state pension fund registered a 6.1% return for its fiscal first quarter ended June 30, raising…\n","protected":false},"author":2,"featured_media":338350,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[9,11,10,49,51,50],"class_list":["post-338349","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-new-york-state","tag-new-york-state-headlines","tag-new-york-state-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/338349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=338349"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/338349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/338350"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=338349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=338349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=338349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}