California pension fund reports $29-billion loss, first since Great Recession, amid market turmoil

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The California Public Employees’ Retirement System reported a loss of more than 6% last fiscal year, its first negative investment return since the Great Recession, the state pension fund said Wednesday.

At the close of the 2021-22 fiscal year, which ended June 30, the fund stood at $440 billion, a loss of nearly $30 billion from the previous year, when CalPERS reported a positive 21.3% return to bring the fund’s total to $469 billion.

“Tumultuous global markets played a role in CalPERS’ first loss since the global financial crisis of 2009,” the organization said Wednesday in a release.

CalPERS, which provides retirement benefits to more than 2 million members with the largest public pension fund in the U.S., reported investments in stocks dropped 13.1% in value. Fixed-income investments, such as bonds, fell 14.5%. These “public market investments” make up nearly 80% of the fund.

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