Calpers Misses 7% Return a Citing ‘Volatile’ Year for Markets
- Largest U.S. pension is covering 70% of long-term liabilities
- Focus remains on long-term performance, says CIO Ben Meng
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The largest U.S. pension fund fell short of its 7% investment return as the market downturn of late 2018 pummeled stocks.
The California Public Employees’ Retirement System earned 6.7% for the fiscal year ended June 30, marking the first time in three years that it missed its target, according to preliminary figures released Thursday.