Here's one for you spin-watchers out there. Take a look a the top of this story, "CalPERS investments underperform in 2009," in today's Los Angeles Times:
Heavy losses in real estate holdings battered 2009 investment returns at California's giant public pension fund, although the portfolio overall rose in value for the year.
The California Public Employees' Retirement System earned an 11.8% return on its portfolio as global stock markets recovered from the collapse of 2008, the fund said Tuesday. The portfolio had dived 27.1% in 2008.
This afternoon the fund issued a press release with the headline, "CalPERS Sees Strong Investment Gains in 2009." Here's the top:
The California Public Employees' Retirement System (CalPERS) said today that it earned an 11.80 percent return on investments for the 2009 calendar year.
Since March 2009, when global financial markets plunged amid a historic worldwide economic recession, the CalPERS market value of assets has come back by more than $46 billion. Total fund assets closed 2009 at $203.3 billion. Today they stand at more than $206 billion, up more than $3 billion in just the first three weeks of the new year.
Click here to read the Times piece by Marc Lifsher. Clicking here will open the CalPERS release.
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