US - CalPERS, the California Public Employees Retirement System, has lost $16bn since August last year, a 7.2% loss for the 2001 financial year.
Last year CalPERS, the largest US public pension fund, posted a positive 10.5% return. This year the fund had a -7.25% return, which it attributed to a ‘lacklustre’ stockmarket. As a result of the ...
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