According to a VRS press release, the $34.6-billion fund was up 9% for the calendar year-to-date and a strong 11% for the most recent quarter. VRS said most of its year-to-date numbers came on the strength of its fixed-income position, which returned 10.4%, and its real estate program, which turned in a 7.4% return. Longer term, the fund was down 4.2% annualized for the three-year period and up 2.6% for the last five years.
The VRS portfolio had $16.4 billion invested in US equities, $5.4 billion in non-US equities, $8.3 billion in fixed income, $1.6 in real estate and $2.1 billion in private equity as of June 30. Both US and Non-US equities regained most of the losses experienced in the first half of the year to end with returns of 0.5% and -3.4% respectively. Private equity, which is reported with a one-quarter lag, was down 10.8%
VRS provides benefits to almost 109,000 retirees and covers 311,000 active members