Rhode Island's pension system returned more than $45 million for September, state General Treasurer Seth Magaziner said Wednesday at a meeting of the State Investment Commission.

September's performance marks the seventh straight month of positive performance for the fund, which reported a $45.8 million net investment performance, beating both the portfolio's benchmark and a traditional 60% stock, 40% bond portfolio. Year-to-date, the fund has returned 6.2% compared with its 5.7% benchmark. This growth comes despite first-quarter fallout from the U.K.'s market-reeling Brexit vote exit to exit the European Union.

International Emerging Markets were the portfolio's strongest investment category for the month, returning 1.31% in September, according to Magaziner. Year to date, emerging markets equities have returned 15.7%.

Several hedge funds continue to fall short of their benchmarks and lag the overall portfolio in 2016 to-date. Under Magaziner's new "Back to Basics" investment plan, the state plans to exit a majority of its hedge fund investments.

"Rhode Island's investments continue to deliver positive performance for retirees and taxpayers," he said. "While this is encouraging, we are also taking steps to do even better."

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