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   From: yourdime@outlook.com   
      
   California’s largest public employee pension fund recovered from a spring   
   stock market plunge and notched its second-best investment return in a   
   decade, at least temporarily easing concerns about economic volatility in   
   the new Trump administration.   
      
   The California Public Employees’ Retirement System announced today that it   
   gained 11.6% on in its investments over the past financial year, eclipsing   
   its target of 6.8%.   
      
   That’s a critical number in California government government finance both   
   because CalPERS funds retirement plans for some 2 million people and   
   because it charges government agencies more money to make up for losses   
   when it misses its annual investment target.   
      
   CalPERS saw a steep drop in its portfolio in April after President Donald   
   Trump announced tariffs against nearly every country. CalPERS lost about   
   $25 billion that month, but regained the value and then some as Trump put   
   off his most expensive tariffs and global markets adjusted to his tariff   
   threats.   
      
   “Despite some market headwinds earlier in the year, our investment   
   strategy paid off,” CalPERS Chief Investment Officer Stephen Gilmore said   
   in a written statement. “The team remains poised to take advantage of   
   investment opportunities as they develop and to strike the best possible   
   deals to boost returns and cut costs for the fund.”   
      
   As of today, CalPERS has assets worth about $558 billion, up from a low in   
   early April of $508 billion. It is considered underfunded because its   
   portfolio is worth less than what it owes over time to California   
   government employees and retirees. CalPERS’ gains over the last year   
   increased its funded status to 79%.   
      
   It had wild swings in investment returns since the coronavirus pandemic,   
   hitting a 21.3% gain in 2020-21, followed by a 6.1% loss the following   
   year.   
      
   “In just two years, our investment returns have helped CalPERS increase   
   the funded status to nearly 80% and rebound from the economic effects of   
   the pandemic,” CalPERS Chief Executive Officer Marcie Frost said in a   
   written statement.   
      
   CalPERS’ funded status is slightly lower than the national average,   
   according to Equable, a nonprofit organization that monitors state and   
   local government pension plans. It found the average funded ratio for   
   pension funds in 2024 was 80.2%.   
      
   CalPERS leaders and executives from other pension plans throughout the   
   year have warned about volatility in the new Trump administration,   
   including the risk of a trade war. Frost, at an April board meeting, said   
   “current events here in the U.S. could have a serious impact on our   
   investment return” this year and next.   
      
   https://calmatters.org/economy/2025/07/calpers-investment-gain-after-   
   tariff/   
      
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