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Monday, July 23, 2012
From the Pension Fund world: According to Michael Aneiro, "Top Pension Fund Sends a Warning", Barron's, 7/23/2012. p. M9, CALPERS, the country's largest public pension fund at $233 billion, achieved a return of 1% for the 12-month period ended June 30, 2012. Interestingly, 55% in SPY (S&P 500), 15% in VEU (global less U.S.), and 30% in AGG (U.S. investment grade bond market) would have returned 2.6% before fees. That's an extra cool $3.7 billion--not to mention that big-time managers scraped off a hefty amount in fees and the huge staff maintained at the Fund.