CalPERS had a 23.3% investment return in 2003, beating the fund's benchmark by more than 200 basis points. As of Dec. 31, assets of the California Public Employees' Retirement System, Sacramento, reached $161.1 billion, up $30.4 billion from 12 months earlier. On the individual asset class level, U.S. stocks returned 31%; international stocks 38.8%, hedge fund investments, 16.7%; and governance-related strategies, 39.3%. International fixed income gained 19.8%, and U.S. fixed income, 9.5%. The fund's alternative investment management program was up 1.8%, while real estate was up 8.5%.