The New York State Common Retirement Fund, one of the largest public pension funds in the U.S., generated a 6.12% investment return for its fiscal first quarter, which ended June 30.

The fund's long-term expected rate of return is 5.9%.

New York State Comptroller Thomas DiNapoli on Monday said the fund ended the quarter with a value of $309.7 billion, up from $295.4 billion at March 31, the end of its previous fiscal year.

The fund had about 39% of its assets invested in publicly traded equities and nearly 23% of its portfolio invested in cash, bonds and mortgages as of June 30.