calpers

calstrs

By Dean Starkman
August 13, 2015

California’s two major public pension funds, the biggest in the nation, lost a total of more than $5 billion on energy-related investments for their fiscal years, ended June 30, according to a new report.

The California Public Employees’ Retirement System posted losses on its oil and gas portfolio of about $3 billion, a 28% decline, and similar set of investments at the California State Teachers’ Retirement System was down 27%, or about $2.2 billion, the report said.
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Both systems, though, posted overall annual gains for the year. CalPERS, with $300 billion in assets under management, reported an overall gain of 2.4%. CalSTRS, with about $190 billion in assets, had a total return of 4.8%.

The report covering the funds’ largest oil and gas investments was prepared by Trillium Asset Management, a Boston investment firm specializing in what it calls “socially responsible” investments.

Trillium produced the report on behalf of 350.org, an environmental group backing a pending state Assembly bill that calls for California’s big pension funds to divest from coal-related holdings.

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