The California Public Employees' Retirement System (CalPERS) has recorded an 11.4% return in the year to June 30 despite a 37% fall in its property assets, preliminary estimates have revealed.
The gains exceeded the long-term annualised earnings target of 7.75%, which CalPERS has attained over the past 20 years. However, over the year the fund's property allocation fell by 37.1%, repr...
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