CalPERS’ investments underperform in 2009
Date: January 20, 2010
Reporting from Sacramento – Heavy losses in real estate holdings battered 2009 investment returns at California’s giant public pension fund, although the portfolio overall rose in value for the year.
The California Public Employees’ Retirement System earned an 11.8% return on its portfolio as global stock markets recovered from the collapse of 2008, the fund said Tuesday. The portfolio had dived 27.1% in 2008.
But the gain for 2009 was far below CalPERS’ internal benchmark of 21.2%, which is based on the performance of broad indexes of investments similar to what the fund owns.
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Source: Los Angeles Times
