Independent in Long Beach, California

California pension funds recoup stock losses in 2024 gains

California's Public Employees Retirement System and the Teachers Retirement System report recovering most of the prior year's stock losses. They say market value of common stocks has risen by about 844 million since January 1, with total fund assets around 9.6 billion, and stock holdings about 1.8 billion. Chief investment officer Petersen notes gains are largely market-driven, not from active trading, and long-term performance, not this year's, matters for the 965,000 participants. He also cautions the current year’s gains may be only paper gains until stocks are sold.