MassPRIM has record-breaking year for annual returns  


The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has broken its record for the highest fiscal year return. 

MassPRIM returned 29.5% net of fees for the fiscal year ending June 2021, the highest in its 35-year history, and outperformed its benchmark by 8.9%, net of fees.

This return equates to a net investment gain of $22.1bn for the fiscal year, which is $6.7bn above a benchmark return, net of fees, it said.

Other notable stats include its assets under management hitting a record $95.7bn and net outflows to pay pension benefits were around $1.2bn.

Six of the seven major asset classes outperformed this year, and its top-ranked private equity portfolio manged an impressive return of 70.5%, net of fees.

This return breaks the previous record year, which came in 1986 – the year MassPRIM’s fund was established – when it achieved a return of 25.6%.

The pension fund also stated its highest relative return was in 2000, when it outperformed by 5.9%.

MassPRIM board chair Deborah B. Goldberg said, “The fiscal year 2021 record performance is a direct result of pragmatic strategies, informed analysis, and deliberate execution delivered by the talented PRIM staff in both up and down markets.

“Both the pension beneficiaries and the taxpayers of Massachusetts are well served by PRIM. These large gains help secure pension benefits to more than 300,000 beneficiaries and solidify the Commonwealth’s financial position.”

Last month, the pension fund revealed it had deployed a further $1.6bn in a selection of private equity funds.

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