Arizona State Fund Wraps Up FY With 2.4% Showing

August 26, 2003 ( - The strengthening equity market smiled on the Arizona State Retirement System (ASRS) as the public pension fund crawled into the black for the first time in three years.

The $18.7-billion fund announced that it finished its latest fiscal year ending June 30 with a 2.4% return.  “It’s certainly good to move back into positive territory after two down years,” ASRS Board Chairman Karl Polen said in a statement. “We are looking forward to continued recovery of our national economy and improvement in the capital markets.”

ASRS also announced that, as a result of a recently completed asset allocation study, it was moving about 6% of its portfolio into real estate investments. While ASRS staff look into potential real-estate opportunities, the fund will stay with its current mix: about 53% in domestic equities, 17% in international equities and 30% in fixed income.

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