Aug. 11 (Bloomberg) — U.S. state and local-government pension investments gained the most in three years as stocks soared, according to a report to be released today by Wilshire Associates Inc.
Public pensions had median increases of 16.9 percent for the 12 months ended June 30, according to data from the Santa Monica, California-based consulting firm. It was the best performance since the funds rose 21.2 percent in fiscal 2011. Those with assets greater than $1 billion performed best, reporting median jumps of 17.4 percent, boosted by bigger allocations to private equity, hedge funds and other alternative assets.
Smaller state and local-government pensions target more of their money to less-risky U.S. bonds, which hindered their performance relative to larger plans, said Robert Waid, a managing director at Wilshire.
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