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Alternative Market Briefing

CalPERS reports a 12.5% return on investments for 2012-13 fiscal year

Tuesday, July 16, 2013

Benedicte Gravrand, Opalesque Geneva:

The California Public Employees' Retirement System (CalPERS), the largest public pension fund in the U.S., yesterday reported a 12.5% return on investments for the 12 months up to June 30, 2013. The System’s assets stood at more than $257.8bn (up from $254.5bn earlier this year).

The 12.5% return is above the Fund's discount rate of 7.5%, the long-term return required to meet current and future obligations, according to CalPERS’ announcement. Its 20-year investment return is 7.6%, and its return since 1988 is 8.5%.

The 2012-2013 fiscal year’s gain was led by strong performance from investments in public equity (which returned 19%), private equity (13.6%) and real estate (11.2%). Absolute return strategies contributed 7.4% to the gains, and inflation assets 0.2%. But fixed income and liquidity assets investments lost 1.6% and 0.8% respectively.

Joe Dear, CalPERS' CIO, said the fund stuck with its exposure to growth assets throughout the period. Furthermore, the managers strengthened its internal investment controls and risk management procedures.

Earlier this year, we heard that the pension fund was looking into reshaping its ......................

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