Institutional Investors

Maryland nets 3.4% from absolute return programme


The Maryland State Retirement and Pension System’s Chief Investment Officer Melissa Moye reported strong preliminary returns for the year ending 30 June, with a 3.4% contribution from hedge funds.

The overall $40 billion investment portfolio gained 10.6% net of investment manager fees, which translates into a total gain of $3.2 billion for the year and exceeds the trustees’ benchmark of 8.6%.

The absolute return portfolio accounts for 7.3% of the overall portfolio or roughly $3 billion. Earlier this year officials allocated $50 million to energy-focused hedge fund Taylor Woods Capital Management in a move away from