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California Pension Fund Posts Small Gain, Misses Target

(AP) - The California Public Employees' Retirement System says its investment earnings were essentially flat in the last fiscal year, falling far short of the 7.5 percent target.

The nation's largest public pension system on Monday reported earnings of 0.61 percent for the fiscal year that ended June 30. The fund had $295 billion in assets at the end of the year.

CalPERS officials blame volatile financial markets and global economic conditions for the soft investment gains. CalPERS Chief Investment Officer Ted Eliopoulos says in a statement that CalPERS is proud to have positive earnings during a year of turbulent markets.

Its stock portfolio, which makes up half of the total assets, lost 3.4 percent. The losses were offset by gains in private equity, fixed income, real estate and infrastructure.