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March 4, 2015

Treasurer Cowell Reports End-of-Year Pension Fund Returns
RALEIGH, N.C. – State Treasurer Janet Cowell reported today that for the year ending Dec. 31, 2014, the North Carolina pension fund returned 6.2 percent. The fund returned 1.0 percent for the last quarter of 2014. Pension fund assets are valued at $88.8 billion, an increase from the $88.4 billion reported at the end of the third quarter of 2014.
“North Carolina’s pension fund ended the year in solid shape,” Cowell said. “The stock market was especially volatile in the fourth quarter of 2014. We were able to smooth out that volatility with the strong performance of our non-stock assets, such as real estate and bonds.”
A few highlights: the pension fund’s public equity (stock) portfolio, which comprises 44 percent of the fund, gained 3.7 percent for the year and gained 0.6 percent for the quarter. Investment grade fixed income, which comprises 29 percent of the fund, gained 8.5 percent for the year and gained 2.3 percent for the quarter. Non-core real estate gained 19.4 percent for the year and 4.2 percent for the quarter, while core real estate gained 10.4 percent for the year and 3.3 percent for the quarter. Private equity gained 14.0 percent for the year and gained 1.1 percent for the quarter.
See the report for a full reporting of all asset classes.

The North Carolina Retirement Systems, the formal name for the pension fund, is the tenth largest public pension fund in the country. It provides retirement benefits and savings for more than 900,000 North Carolinians, including teachers, state employees, firefighters, police officers and other public workers. For more information, visit