The New York State Common Retirement Fund reached an estimated value of $291.4 billion at the end of the second quarter for the 2025-26 fiscal year, according to an announcement from New York State Comptroller Thomas P. DiNapoli. The fund recorded a return of approximately 4.13% for the quarter and 9.82% over the first six months of the fiscal year.
“Despite ongoing domestic and global volatility, financial markets have performed well over the past quarter, benefitting the state pension fund,” DiNapoli said. “Yet concerns over a slowing labor market, inflation and uncertain federal policy warn of turbulence ahead. Our diversification strategy, long-term perspective and effective management strongly positions the Fund to ensure that state and local government employees will receive the retirement benefits they have earned, even amid any market fluctuations.”
The audited value of the fund was reported as $273.1 billion on March 31, 2025, marking the end of New York State’s previous fiscal year.
As of September 30, 2025, publicly traded equities made up 41.7% of the fund’s assets. Other investments included cash, bonds, and mortgages (21.5%), private equity (14.1%), real estate and real assets (14.1%), as well as credit, absolute return strategies, and opportunistic alternatives (8.6%).
The long-term expected rate of return for the fund is set at 5.9%.
Quarterly performance reporting by the fund began in 2009 when DiNapoli introduced this measure to enhance accountability and transparency.
