CalPERS' 16.2% return for the year ended Dec. 31 was driven largely by the performance in its growth portfolio – public equities returned 25.6% and private equity returned 19.1%.

In terms of performance relative to benchmarks, five of eight asset classes outperformed over the one-year period (public equities, income, inflation, absolute return and multiasset), while private equity and real assets underperformed. The fund's liquidity portfolio was in line with its policy benchmark.

Over the 10-year period, the total fund's 6.8% annualized return trailed its target benchmark by 90 basis points annually.