Calpers’ stock portfolio returned minus 13.1%, while bonds returned minus 14.5%, the pension fund said. Those losses delivered a double blow for retirement funds and other savers who have long relied on those two assets to move in opposite directions.It's a CalPERS miracle!
Private equity and real estate returned 21.3% and 24.1%, respectively.
Everything with observable market prices went down, but everything CalPERS values subjectively went up! By double digits!