California’s second-largest public pension fund rode a booming stock market to post its best year of investment returns since 2014.
The California State Teachers’ Retirement System gained an investment return of 13.4 percent for the budget year that ended June 30.
The earnings eclipsed the 1.4 percent net return that CalSTRS reported a year ago, and the 4.8 percent gain the pension fund notched in the fiscal year that ended on June 30, 2015.
The CalSTRS announcement marked the second straight week of good news for California public pension funds. The larger California Public Employees’ Retirement System disclosed an 11.2 percent investment return for the past year, also its best earnings since 2014.
“Just as one bad year will not break us, one good year won’t make us,” cautioned Christopher J. Ailman, the teachers’ fund’s chief investment officer, in a prepared release. “We intentionally keep our eyes focused on a 30-year horizon and make our adjustments with that time frame in mind, rather than reactively responding to any given situation at hand.”View Article