Calif. pension fund up 22 percent year-over-year

By CATHY BUSSEWITZ, Associated Press Writer
March 17, 2010 at 4:36 p.m.

SACRAMENTO, Calif. — The chief investment officer of California's giant pension fund says it has grown 22.3 percent in the last year as markets rebound, after losing more than a quarter of its value just two years ago.

With about $200 billion in investments, CalPERS is the nation's largest public pension fund. CIO Joseph Dear told the CalPERS board Wednesday that global equity holdings grew 58 percent and fixed income assets grew by 25 percent in the past year.

The fund's previous losses were due to plummeting values in stocks and real estate investments.

Dear says while conditions are still fragile, fund managers no longer worry about another financial Armageddon. ... over-year/