The North Carolina pension system, which is facing scrutiny over past investment practices, posted a gain of 12.28 percent in 2013, with equities more than doubling that rate of return.

State Treasurer Janet Cowell, who is one of the few public pension administrators empowered to act as sole fiduciary, reported that the fund ended last year with $86 billion in assets, a rise of $8 billion for the year. Stock gains were 26.24 percent for the year.

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