CalSTRS returns 13.45% in 2012, 190 basis points short of benchmark

CalSTRS' total portfolio returned 13.45% for calendar year 2012, below its custom benchmark of 15.35%, according to fund documents presented to the retirement system's investment committee Thursday.

U.S. equity rose 15.93%, underperforming its custom benchmark of 16.51%, while non-U.S. equity increased 17.24%, topping its benchmark at 16.89%.

Fixed income returned 6.11% compared to the benchmark return of 4.76%.

Real estate holdings for California State Teachers' Retirement System, West Sacramento, returned 13.46% in 2012 compared to a benchmark return of 11%.

Private equity was the worst-performing asset class on a relative basis with a return of 14.62%, significantly below the benchmark return of 33.75%.