Mendocino County pension fund posts 8.3% return

Mendocino County Employees Retirement Association, Ukiah, Calif., returned a net 8.3% for the fiscal year ended June 30.

The yearly performance was slightly above the benchmark return of 8.2%, according to a quarterly investment report issued in conjunction with board meeting on Aug. 16.

For the three-, five-, seven- and 10-year periods ended June 30, the $664 million MCERA returned a net 8.8%, 6.7%, 8.3% and 7.6% respectively, compared with benchmark returns of 8.1%, 7.1%, 8.1% and 7.8%. In fiscal 2022, MCERA returned a net -9.7%, compared with benchmark return of -8.2%.

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By asset class, in the most recent fiscal year the top performer was domestic equity, which returned a net 17.6%, followed by international equity, at net 14.2%, infrastructure at a net 9.7%, and domestic fixed income, which edged up a net 0.4%.

Domestic real estate was the worst performer, dropping a net 12.7%. As of June 30, MCERA's actual asset allocation was 36.4% domestic equities, 23.9% international equities, 19.5% domestic fixed income, 12.2% real estate, 7.8% infrastructure and the remainder in cash.