The 100 largest public employee retirement systems in the U.S. had their first quarterly investment losses since the third quarter of 2012, said the U.S. Census Bureau's Quarterly Survey of Public Pensions.
Reporting on the third quarter of 2014, Census officials found that assets dropped 1.8% to $3.3 trillion as of Sept. 30 from the all-time high of $3.37 trillion as of June 30, but increased 8% from Sept. 30, 2013.
Investment earnings of $129.4 billion in the second quarter dropped to losses of $43 billion in the third quarter.
International securities had the largest quarterly decline, decreasing 4.9% in the third quarter. Representing 18.9% of holdings, the asset class decreased 2.1% year-to-year. Corporate stocks, which make up 35.3% of holdings, decreased 0.7% in the third quarter to $1.168 trillion, but were up 10.3% from the previous year.