FYI: 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.
Stocks, which made up around half of the $370 billion in holdings as of June 30, returned 6.1% during the 12-month period. Fixed-income was the best-performing asset class, generating 9.6%. Private equity investments returned 7.7%