US - California Public Employees Retirement System (CalPERS) saw its investments rise 13.3% in the year to June, beating its estimated return by almost two percentage points.
In an updated report, the fund said it was helped by strong investment returns, and although real estate fell 10.76%, this compared with an estimated decline of 37.1% initially reported in July.
Elsewhere, global fixed income was up 20.35%; private equity returned 23.88%; public stocks posted returns of 14.42%; and commodities, infrastructure, forestland and inflation-linked bonds were up a combined 8.7%.
CalPERS said audited performance through the end of the 2009-10 fiscal year for all asset classes brought the fund's total market value to $200.5bn - $500m higher than reported in July. At that time, returns for real estate, private equity, infrastructure and forestland were available only for the 12 months ending March 31, 2010, it added.
"This updated report indicates a gain of more than $40bn since our turn-around from the lowest point of the recession in March 2009," said chief investment officer Joe Dear. "We also beat our benchmark of 12.95% and eclipsed return targets for every asset class except real estate. But even that asset class improved dramatically over what we reported in July.
"These figures confirm our initial assessment a few months ago that we were in a recovery mode with the opportunity to capture future returns because of our long-term investment horizon."
CalPERS added it was in the process of developing a new plan beginning in 2011 for how to allocate capital in public stocks, private companies, bonds and other fixed income, real estate and inflation-linked assets like commodities, infrastructure and forestland.
It has also saved almost $300m in fee reductions with external managers, has eliminated low-performing funds from its portfolios and is developing new risk management tools.
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