California Pension Fund Posts 11.6% Gain Driven by Stocks, Outpacing Annual Goal

The California Public Employees’ Retirement System reported an 11.6% gain for its latest fiscal year, with returns driven by public equity investments.

The largest US pension fund’s returns outpaced its 6.8% annual target and pushed its managed assets to $556.2 billion for the fiscal year ended June 30, Calpers said Monday in a preliminary returns statement. That means the pension can now cover 79% of its future obligations, from 75% at the end of the previous year.