Make us your home page

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Index fund average beat Florida's state investment in past year

Just last week, the State Board of Administration touted a banner year: more than $19 billion in pension gains, topping its goal and performing better than many peers.

"This year's performance is a reflection of how the SBA conducts its business; we're prudent, we're disciplined, and we're patient," chief investment officer Ash Williams said in announcing the preliminary return of 22 percent for the fiscal year ending June 30.

But index fund advocates wonder what Florida is crowing about.

"I don't get their enthusiasm for the numbers," said Rick Ferri, an expert in low-cost indexing. "They have nothing to brag about."

The eight index fund portfolios in the Times' experiment made, on average, about 23 percent in last year's bull market — a point better than the state.

"This premise is so naive and shows such a lack of understanding of institutional investing that any comment would be unproductive,'' SBA spokesman Dennis MacKee said.

Sydney P. Freedberg, Times staff writer

Index fund average beat Florida's state investment in past year 07/30/11 [Last modified: Saturday, July 30, 2011 8:18pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Philippines forces make gains in city under siege by ISIS-linked militants

    MARAWI, Philippines — Philippine forces say they now control most of a southern city where militants linked to the Islamic State group launched a bloody siege nearly a week ago.

  2. Rays exhausted but happy after 15-inning win over Twins (w/video)

    The Heater

    MINNEAPOLIS — Before the Rays eventually won Sunday's 6½-hour, 15-inning marathon against the Twins 8-6, they did plenty to lose it. And we need to get that out of the way first.

    The Rays’ Evan Longoria enjoys a laugh after scoring, barely, to tie it in the ninth on Steven Souza Jr.’s two-out single.
  3. Tom Jones' Two Cents: ABC's Indy 500 coverage is stellar again

    TV and Radio

    Times columnist Tom Jones looks back at the best and worst from a weekend of televised sports.

    Best coverage

    Takuma Sato left, celebrates after winning the Indianapolis 500 as Helio Castroneves is a little late passing him. ABC’s coverage of the race is stellar throughout, with plenty of extras but no fake drama.
  4. Takuma Sato surprise winner of wreck-filled Indy 500

    Auto racing

    INDIANAPOLIS — Takuma Sato, a journeyman driver, became the first Japanese winner of the Indianapolis 500 on Sunday when he held off three-time champion Helio Castroneves in a 230-mph wheel-rubbing duel to the finish.

    Scott Dixon’s car goes over the top of Jay Howard, soaring so high that Helio Castroneves drove under it while it was airborne. Stunningly, there were no serious injuries.
  5. South Korea military: North Korea fires unidentified projectile


    SEOUL — North Korea launched a ballistic missile early today that flew 280 miles and landed in Japan's exclusive economic zone, the South Korean military and the Japanese government said.

    S. Korean President Moon Jae-in is assessing the launch.