Oregon Public Employees Retirement Fund, Salem, earned a 14.47% return and outperformed its benchmarks by a combined $700 million for the year ended Dec. 31, according to a news release. The fund's total value increased by $5 billion, to $47 billion. Each asset class beat its individual benchmark. Real estate returned 21.1%, compared with 12.41% for the NCREIF Property index. International equity returned 21.42%, six basis points ahead of the MSCI All Country World Free index (ex-U.S.). Domestic equity returned 12.92%, outpacing the Russell 3000 index by 102 basis points. Domestic fixed income returned 6.19%, 122 basis points ahead of the fund's customized benchmark.