DiNapoli Wins First Primary Challenge Since 2007

Summary

New York State Comptroller Thomas DiNapoli easily won his first primary challenge since 2007. Bloomberg’s Martin Braun explains the comptroller's role as sole trustee of a $300 billion pension fund and the issues raised by progressive challengers, including Israel bond investments and private equity returns.

• DiNapoli wins primary challenge projected by Decision Desk HQ.
• The comptroller oversees a $300 billion pension as chief fiscal officer.
• Progressive challengers wanted divestment from Israel bonds and more focus on affordable housing and green energy.
• DiNapoli defended Israel bonds as a good investment since 1990.
• His 17-year annualized return was 6.8%, slightly beating a global stock/bond passive benchmark.
• Challengers criticized private equity fees and underperformance.
• The outcome has little near-term impact on the municipal market.