State Comptroller Thomas DiNapoli announced Wednesday that the fund ended the quarter valued at $297.8 billion, a significant increase from the $273.1 billion recorded at the end of the previous fiscal year on March 31, 2025. This performance represents a 12.5% return over the first nine months of the current fiscal cycle, comfortably outpacing the fund’s long-term benchmarks.

Asset Allocation and Performance

The fund continues to exceed its long-term expected rate of return, which is currently set at 5.9%. This outperformance is driven largely by a strategic weight in the stock market; as of the end of December, 40% of assets were held in publicly traded equities.

To balance this growth-oriented exposure, the fund maintains a substantial defensive layer. According to the Comptroller’s report, approximately 23.3% of the portfolio is allocated to a mix of cash, bonds, and mortgages. As one of the largest public pension systems in the United States, the fund's ability to maintain this trajectory is critical for the long-term security of its members.