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Calstrs Posts 1.3% Loss for Latest Fiscal Year After Market Rout

·1 min read

(Bloomberg) -- The California State Teachers’ Retirement System reported a 1.3% loss on its investments for the most recent fiscal year, the first drop since 2009, fueled by sharp declines in stocks and bonds.

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The public equities portfolio tumbled 17% and fixed income slid 10%, the $301.6 billion pension fund said Friday in a statement. Those losses were offset by gains in risk-mitigating and inflation-sensitive strategies.

Its real estate and private equity holdings rose 26% and 24%, respectively. Valuations for those assets, however, are marked as of the end of March and don’t reflect subsequent declines.

Calstrs, the second-largest US pension fund, said it’s still on track to be fully funded by 2046 after a record return in the previous fiscal year. Challenges during the 12 months ended June 30 included surging inflation, rising interest rates, the war in Ukraine and the ongoing pandemic, according to the statement.

“The value of a Calstrs pension is that the benefit is guaranteed, even during difficult economic times,” Chief Executive Officer Cassandra Lichnock said in the statement.

Calstrs outperformed its larger peer, the California Public Employees’ Retirement System, which lost 6.1% on its investments in its most recent fiscal year.

Read more: Calpers Logs Decade-Worst 6.1% Loss as Stocks and Bonds Dive

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