Business Excellence Awards
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By PBN Staff
Last week, state General Treasurer Gina M. Raimondo announced that the state pension fund returned 11.1 percent in the fiscal 2013 reporting year, a near-10 percent improvement on the 1.4 percent gain shown in fiscal 2012.
The fund lagged its stated fund benchmark by two-tenths of a percentage point, but Raimondo pointed to lower risk in the fund’s investment mix, driven in part by her move to alternative investments, including hedge funds that pay large fees to their managers, a choice that has generated criticism in the press.
Do you think that her philosophy is producing overall results (based on both risk and reward) that are improved from the previous approach taken by the state in investing?