(updated with correction)
California State Teachers' Retirement System, West Sacramento, reached $165 billion in assets as of Wednesday, its highest level since before the start of the recent global financial crisis, Christopher Ailman, the pension fund's chief investment officer said Friday.
Mr. Ailman told the CalSTRS investment committee that the pension fund's returns since July 1, 2012 — the start of the fund's fiscal year — were “in the double digits” but refused to disclose the exact percentage, saying return numbers were preliminary.
Mr. Ailman said gains in equities were a key driver of the returns.
Potential negatives going forward that could impair the upward returns from continuing include companies reporting lower earnings in the second quarter, continuing issues revolving around the European debt crisis, the Iran situation and potential cyber attacks on corporate computer systems, Mr. Ailman said.
On the positive side, Mr. Ailman said, the housing market has been improving slowly, showing steady growth.
