Vice Chairwoman Sloveria. Present. City Treasurer of Replans is absent. Possible Mooney? Present.
Mr. Costello is absent. Mr. Garner is absent. Mr.
Winkler? Present. Your present. Your absentee, we have Garner.
Wonderful, thank you. Welcome everybody. We've got our friends from Stifel here today, Peter and Julian, who are gonna start with item one, investment performance analysis for the fund. Great, Julian.
Good morning, everybody. Good morning, everyone. The bill received the first document, it's analysis of investment performance for employee retirement system. Just to touch on the market environment, we'll make more detail on the second presentation that we will cover today. On page one just shows you that in the last month in June, kind of a mixed market environment, a little bit of a hotter inflation report came out for May inflation, we know we did a slow point 2%.
A lot of that from energy crisis subsequently, energy has been kind of up and down in line with the conflict in Iran. There's some selling of technology. We have magnets and seven stocks at the beginning of the month. Bottom line is, the indexes were mixed. Small company stocks did well.
And if you go to page three, which is the first page in the retirement system before for periods by June 3025, you'll see that despite the fact, fourth column to the left, that large company stocks were negative. The returns of the portfolio had a modest gain in month of June 9 tenths percent, just ahead of its index. That's the fourth column to the left.
left hand side, on the left hand side, we were market 562,900,000. So diversification of the equity portfolio across small cap stocks, international stocks, as well as large cap stocks helped what otherwise might have been a choppier month. If you look at the sixth and seventh columns in moving into the left, I know it's a lot of columns to count, but I'll just highlight the numbers. The calendar year to date return for the parent system portfolio, 8.1% and your fiscal year return that's for one year. That's the July to June fiscal year period 14.9% trailing the benchmark index for reasons that we've cited before.
And one of those reasons is actionable is the hedge fund work that we'll be addressing in September restructuring that portfolio. But if you look at the return for the year itself, 14.9%, very strong return. If you look at the three and five year annualized returns 14.2, 8.1% respectively matching the index in the case of five year ahead of the index. So strong twelve month period, strong six month period. In terms of markets as we speak right now, the next big focus on corporate earnings and the conflict in the land and the Fed and inflation, but strong period for the pension funds.
I'm gonna turn it over to Peter to cover the financial reconciliation where we can focus on the important fact of the actual dollars that were gained as a result of that investment return. And Peter Lincoln will
cover asset allocation shortly. So I'm around page six in the same in sports. Again, we're gonna show you the monthly financial facility portfolio. You'll note that France started the month of June with a little bit over $636,000,000. There were net contributions of about 10,800,000 in the month of June.
We are expecting more in time period. You'll note that we had a pretty strong positive return as Juniors suggested. Now how that broke down is due to roughly about 875,000 in income was received in the month of June. And we had a very strong cap appreciation month where the investment returns generated about 5,200,000 value. I submitted that in the month of June to be about $6.50 to the week.
We'll probably get into this next month when we go over the quarterly results into greater detail, I would like to highlight it at the end of the fiscal year, we started this fiscal year with a little bit over $526,000,000 We ended at $652,000,000 over the course of the trailing twelve months. We generated about 85,000,000 from the investment portfolio, 75,000,000 in cap and depreciation, more investment gains and about million on some income. So that was a very good outcome for a fiscal year. I don't know I'll steal from this, but I thought it was relevant. Any questions about the financial reconciliation?
One thing I would highlight is the portfolio table name is the month and the quarter and the year about $19,400,000 in the past. We are anticipating more cash from city contributions to come in in July and August. So that concludes conversation, our discussion of the detention. Is there any questions? Otherwise, I move on to the trusts.
Seeing no questions, we'll take a moment with motion to approve. So moved. Seconded by the councilman. Sure. Those in favor, say aye.
Aye. Any opposed? We'll move on to item two with respect to the trust funds.
Okay, so we have the analysis of the revised funds for the city of Providence trust funds, as you can three. This is actually quite an easy discussion this quarter because of the performance for the trust, which we laid out individually and collaboratively on page three. If you look at the month return, let's see, it's somewhere in terms of between 1.61.8% on a one year basis, see returns in excess of 21.6, largely about 22% or more. Again, these are very good returns consistent with our conversation discussion with pension. There is some great things to report.
Generally, the returns benefited from being overweight equity throughout the periods of the discussion with equity outperforming fixed income that led to added value. The risk management perspective, we've kept cash regular and should be minimal and in line with the needs of each individual trust and risk management generally is added value. In contrast, you know, or it's important to highlight, we employ a number of managers to implement the investment policy of the trust. Active managers actually contributed a fair amount of value this last month, this last quarter, and this half year. Other than that, things are positioned very well and forward.
So I'm stuck here to see if there are any questions.
Seeing none, you Peter? No, would be fine. Okay. We'll take a motion to approve item two to report on trust funds. John, seconded by councilor Linden, all those in favor say aye.
Aye. Any opposed, the ayes have it. Do have something to add? No, no, sir. Okay.
Item three is our vote on relative rebalancing and we do not have any discussion or vote on that this month. Motion to continue item three for the next month's agenda, moved by John. Second. Councilwoman, all those in favor say aye. Aye.
Any opposed? The ayes have it. I'll note for the board's sake, Sarah generally provides cash flow documents. It is not providing this month because there were no changes. We will have one next month, which will show, but I would also say just out loud that in the month of July, we will have made our full pension contribution.
Now that the state reimbursement has come in from the state pilot fund and the finance team continues to do an excellent job of making that payment faster and sooner than ever. And then earning interest on early payments early in the fiscal year, which will come with our first quarter tax receipts in August. Great. Does anyone have any other
