6月30日止了12个月，对世界上最大的机构不好，包括养老基金和主权财富基金。加利福尼亚州公共雇员的退休系统迅速淘汰了0.61％的回报，而萨克拉门托邻居加州州立教师退休系统（CALSTR），只获得1.4％。“主要资产课程没有退货;克里斯特队首席投资官Christopher Ailman讲述亚博赞助欧冠。
他说，其他贡献者达到1934亿美元的CALSTRS的回报，包括五年以上股票牛市的蜿蜒下降，并且关于医学的失败 - 日本总理Shinzo Abe的刺激经济政策 - 以承诺提供。“我们没有得到欧洲的任何增长，”Ailman补充道。固定收入和私募股权少量;唯一的健康回归是来自房地产，下降了13％。
丹麦公用事业的早期投资董能源以一大的方式偿还丹麦的ATP，使它能够从同龄人那里脱颖而出。三年前，养老基金投入了36亿克朗（5.4亿美元），私人董事3.66％，具有快速增长的可再生能源业务。The utility’s $3.0 billion initial public offering in June, Europe’s largest so far this year, generated a book profit of 4 billion kroner for ATP and helped the 800 billion kroner fund gain 12.2 percent for the 12 months ended June 30, the only double-digit return on our list. Fund executives also cite positive returns in bonds, private equity and real estate.
The range of returns among institutions owes something to the fact that “they all have different goals, calculate with different currencies and have different risk profiles,” says Roger Urwin, global head of investment content for advisory firm Willis Towers Watson in Reigate, U.K., and a consultant to global pension funds. Across endowments, foundations and private and public pensions, funds with assets of more than $1 billion had a median one-year return of 1.51 percent through June 30, according to the Wilshire Trust Universe Comparison Service (TUCS) in Santa Monica, California.
乌尔文指向异常宽货币波动from June 2015 to June 2016 as a major influence on returns. For example, a benchmark allocation of 60 percent to the MSCI All Country World Index and 40 percent to the Barclays Aggregate Bond Index denominated in U.S. dollars rose 0.7 percent during that period; in Japanese yen and British pounds, the same mix lost 9 percent and gained 11 percent, respectively.
Looking beyond currency swings, asset management had a tough year, particularly in hedge funds. The disconnect between equity prices and fundamentals driven by central banks’ suppression of interest rates was responsible, notes pension fund adviser Jay Love, partner and senior consultant in consulting firm Mercer’s Atlanta office.
由于他们的较高拨款，美国公司定义的福利养老金的额度比其他基金类型更好。Wilshire Tucs估计资产超过10亿美元的人的中位回报2.64％。（因为他们的财政年度在3月或12月结束时，他们不会发布六月数字。）
刚刚开始宣布截至6月30日的回报的美国捐赠世界在突出的机构中具有一些最弱的表现。这种糟糕的表现在很大程度上是由于私募股权和对冲基金的繁重投资，几乎没有任何分配给固定收入。Wilshire Tucs报告了中位数-1.11％的赠送资金回报资产超过5亿美元。哈佛管理有限公司经营着大学357亿美元的捐赠，遭受了-2.0％的更大损失。255亿美元的耶鲁大学捐赠曾经在这一群体中再次成为顶级表演者，掀起了3.4％的收益。
业内专家建议审查时要小心谨慎one-year performance of long-term investors. “The data is spectacularly noisy,” Willis Towers Watson’s Urwin says. “You have no hope of drawing inference.” •