PROVIDENCE, R.I. -- The 12-month investment earnings of Rhode Island's pension fund topped $1 billion, according to General Treasurer Seth Magaziner.

The fund earned $128 million in investment gains in February 2017, Magaziner announced at Wednesday's State Investment Commission board meeting.

"Delivering long-term growth from our investments is critical to ensuring the health and stability of our state pension system," he said. His "back to basics" investment strategy, which he began implementing in September, has steered the fund from hedge funds to traditional investments.

Its market value has risen to $7.9 billion after a 1.7% return.

Over the past 12 months, said Magaziner, the fund has earned a 14.4% return, outperforming the plan's own 13.9% benchmark as well as a traditional 60% stock to 40% bond portfolio which would have returned 13.5%.

Moody's Investors Service rates Rhode Island's general obligation bonds Aa2. Fitch Ratings and S&P Global Ratings assign AA.

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