SBCERA Reports Preliminary Net Investment Return for the 2022-23 Fiscal Year

July 31, 2023


The San Bernardino County Employees’ Retirement Association (SBCERA) announces a preliminary 5.0% net return on investments for the 12-month period that ended June 30, 2023. Assets stood at $14 billion at the end of the fiscal year.

SBCERA has a long-term investment strategy, focused on income, and we’ve built an investment portfolio designed to generate positive returns over decades—rather than weeks or months.

The preliminary investment return stands in contrast to the prior fiscal year where we saw significant global economic stress. This reinforces our team’s defense of the fund given the current market conditions.

“Our fund is positioned well for both market volatility and long-term investments and this year’s results reflect that,” said Jean-Rene Basle, Chair of the SBCERA Investment Committee. “As we continue to navigate a time of global economic stress, I’m confident our strategy will help ensure we meet our commitment in delivering lifelong benefits to our members.”

For the 12-month period that ended June 30, 2023, SBCERA underperformed our policy index by 2.2%. The policy index is a benchmarking tool that compares SBCERA’s portfolio to a broadly diversified global stock and bond portfolio. This index helps us monitor and evaluate the fund’s overall asset allocation and investment implementation efficacy.

“I’m proud of our Investment Team for their diligence and proactive posture that prepared our fund for today’s economic climate,” said Debby Cherney, SBCERA Chief Executive Officer. “I’m also grateful we have a supportive Board that continues to empower our team to work together cohesively, allowing us to be nimble enough to make quick decisions and take advantage of market opportunities.”

Total fund annualized returns for the 3-year period ending June 30, 2023, stood at 11.9% versus our policy at 4.4% and our 5-year annualized return was also positive, standing at 7.3% and outperforming our policy at 4.6%. (These returns are “net of fees,” which means that we’ve already subtracted all costs associated with the investment—like management or transaction expenses.)

Over the last 40 years, we’ve earned an average annual return of 8.5% on our investments, a period which includes numerous recessions and other economic disruptions.

“At SBCERA, we balance an opportunistic approach with a long-term investment strategy,” said Donald Pierce, SBCERA Chief Investment Officer. “Our team will continue finding appropriate opportunities to achieve our investment return goals—no matter what the economic climate brings.”

SBCERA’s 2022-23 final fiscal year investment performance will be calculated based on audited figures. The ending value of the fund is based on several factors and not investment performance alone. Contributions made to SBCERA from employers and employees, monthly payments made to retirees, investments fees, and the performance of its investments, among other factors, will all be considered in SBCERA’s Actuarial Valuation and Review, which determines contribution levels for our participating employers and employees.


The San Bernardino County Employees’ Retirement Association (SBCERA) is an independent, defined benefit pension plan providing retirement, disability, and death benefits on behalf of 17 employers throughout California, comprised of approximately 45,000 members and beneficiaries. SBCERA continues to be “The Foundation for a Secure Retirement” for SBCERA members and serves as a stable, reliable source of income—both for those already enjoying retirement and those who will retire in the years to come. To learn more, please visit

For media inquiries, please contact Olivia Applegate, Director of Communications & Stakeholder Relations at or 909.341.0651. 

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