Calpers, California's $253bn (â¬161bn) state pension fund, has reported its first quarterly loss for two and a half years, posting negative returns in the final quarter of last year on the back of falling equities and property markets.
The fund reported a total return of -0.5% for the quarter, and assets fell by $1.6bn from $254.6bn to $253bn at the end of the year, according to the fund's investment adviser Wilshire Associates.
