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Virginia Retirement System Beats 2018 Target

The Virginia Retirement System achieved a 7.5 percent return, net of fees, on its investment portfolio for fiscal year 2018, exceeding the 7 percent assumed rate of return. The trust fund ended the year with approximately $78.6 billion, marking a new high point for the fund. "The portfolio was able to exceed the assumed rate of return, based on strong performance in several market sectors, especially private assets," Chief Investment Officer Ronald D. Schmitz said. "Longer-term performance generated by staff and its external partners continue to add value compared to passive benchmarks. Over time, this excess performance reduces the cost of providing benefits to...