Spotlight: CalPERS Sees Its Portfolio Rebound

The California Public Employees’ Retirement System, the largest U.S. public pension fund, said the value of its portfolio dropped 6.6% to $133.4 billion during the third quarter because of turmoil in global markets. But CalPERS said the fund had recently recouped the losses and was valued at $145.6 billion as of Dec. 10. CalPERS, which had 65% of its portfolio invested in equities during the third quarter, said performance results for all asset classes during the quarter were negative except for real estate and global bonds.