The 100 largest U.S. public employee retirement systems had $3.337 trillion in assets as of Dec. 31, 0.2% more than the $3.3 trillion reported the previous quarter, said the U.S. Census Bureau’s Quarterly Survey of Public Pensions.
The increase was due to $46.4 billion in earnings in the fourth quarter of 2014, compared to $5.8 billion the previous quarter.
International securities declined for the third straight quarter. Making up 18.2% of total cash and security holdings of public pension plans, international securities fell 2.2% in the fourth quarter, to $608.8 billion from $626.8 billion.
Federal government securities declined 6.1%, to $284.5 billion from $303.2 billion the previous quarter.
Corporate stocks and corporate bonds, however, grew in the fourth quarter. Stocks grew to a new high of $1.228 trillion in the fourth quarter, an increase of 6.1% from the third quarter’s total of $1.157 trillion. Bonds, meanwhile, increased 5.9% to $399.7 billion from $377.3 billion.
The 100 public pension systems represent 88.4% of all U.S. public pension fund assets.