New York State Pension Gains 11.9% in Fiscal Year as Stocks Soar

New York State’s nearly $300 billion pension fund doubled its annual investment target in the past fiscal year as global stock markets soared.

New York’s Common Retirement Fund, the third-largest in the US, gained 11.9% through March 31, beating its 5.9% target, Comptroller Thomas DiNapoli said in a news release Wednesday. The pension closed the year at an estimated value of $295.4 billion, the highest fiscal year-end value in its history.

During his tenure, DiNapoli has adopted a more conservative return objective, bringing the pension more in line with market expectations and reducing the risk of funding shortfalls. ...