Calpers Earned 1.1% Last Year as Stock Holdings Slumped
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The California Public Employees’ Retirement System, the largest U.S. public pension, earned 1.1 percent in 2011 as its stock holdings slumped, said Joe Dear, its chief investment officer.
Global stocks, which compose about half of the fund’s assets, were down about 8 percent during the calendar year. Private equity was up 12.4 percent, as were bonds, while real estate returned almost 10 percent.