CalPERS posts double digit investment returns

dkasler@sacbee.com
By Dale Kasler The Sacramento Bee
Last modified: 2013-07-15T16:47:36Z
Published: Monday, Jul. 15, 2013 - 9:47 am

CalPERS said today it earned 12.5 percent on its investment portfolio in the latest fiscal year, well above its official forecast.

The big pension fund's gains were led by its stock portfolio, which earned a 19 percent return. Real estate earned 11.2 percent and private equity investments earned 13.6 percent.

The investment returns are crucial in determining the pension fund's overall health - and the amount that state and local governments must contribute each year to CalPERS.

The latest results, for the fiscal year that ended June 30, represent a bounce-back from the previous year, when CalPERS earned just 1 percent.

"When things got rough we didn't panic," said chief investment officer Joe Dear in a prepared statement.

Added Henry Jones, chairman of the CalPERS investment committee: "CalPERS is a long-term investor and we try to not focus too much on one year of performance. But obviously 12.5 percent is a great number and we're pleased with the performance."

Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.

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