The California Public Employees’ Retirement System (CalPERS) has posted its first negative returns in 2-1/2 years due to the subprime mortgage crisis and high oil prices, the fund announced last week. For the final quarter of 2007, CalPERS reported a total return of -0.5%, which equals a loss of $1.6 billion. The plan’s consultant, Wilshire Associates said that the fund’s investments underperformed their respective benchmarks by 0.9%. Overall, CalPERS saw returns of 10% for 2007, compared to 15.4% for 2006.
http://www.mmexecutive.com/more/editorial.html?pc=mutual_funds
As of June 2007, ~$535M was invested in BSC with most of it in debt. I wonder how many other people's retirement funds went into the tank because of Bear Stearns. But, it's okay....Bear Stearns Paid Chief Cayne $40 Million Last Year, and then was able to sell his stake in the investment bank after J.P. Morgan Chase raised its offer for the failing bank from $2 a share to $10 a share -- netting Cayne about $61 million.
DOMESTIC EQUITY REPORT Company Shares Book Price Book Value Market Price Market Value BEAR STEARNS COS INC 641,840.00 56.99 36,578,187.63 140.00 89,857,600.00 ASSET BACKED SECURITIES REPORT Security Rate Maturity Date Par Value Book Value Market Value Yield BEAR STEARNS ALT A TR 5.19 5/25/2035 2,788,878.17 2,813,944.74 2,806,069.09 5.16 BEAR STEARNS ASSET BACKED 5.84 6/25/2034 2,235,520.47 2,240,287.43 2,252,490.31 5.80 BEAR STEARNS ASSET BACKED SECS 5.44 12/31/2047 4,299,065.20 4,299,065.20 4,301,081.46 5.44 BEAR STEARNS ASSET BCK SECS TR 5.65 1/25/2036 1,200,929.95 1,200,929.95 1,202,994.35 5.64 BEAR STEARNS ASST BACKED SEC 5.87 9/25/2034 3,500,000.00 3,500,000.00 3,546,483.50 5.79 BEAR STEARNS MTG FDG TR 5.47 12/25/2036 4,538,039.50 4,538,039.50 4,531,270.11 5.48 COMMERCIAL MORTGAGE LOANS REPORT Security Rate Maturity Date Par Value Book Value Market Value Yield BEAR STEANS STRUCTURED PRODS 3.85 7/27/2033 36,267,461.54 23,967,460.18 25,255,717.23 5.53 BEAR STEARNS ARM TR 4.75 7/25/2035 200,636,866.23 155,163,140.12 160,503,362.71 5.94 BEAR STEARNS ARM TR 4.89 2/25/2034 62,341,134.92 48,405,992.77 49,316,690.95 6.18 BEAR STEARNS ARM TR 5.11 5/25/2033 20,256,326.66 16,079,896.68 16,323,741.05 6.34 BEAR STEARNS ARM TR 5.21 5/25/2034 37,968,710.75 30,034,751.35 30,213,199.17 6.54 BEAR STEARNS ARM TR 5.38 2/25/2033 3,765,407.15 2,972,070.55 3,046,642.47 6.65 BEAR STEARNS ARM TR 5.52 5/25/2033 16,453,255.09 13,098,479.05 13,235,075.01 6.86 BEAR STEARNS COML MTG SECS II 5.62 3/11/2039 53,254,134.20 41,759,071.31 42,529,879.72 7.04 BEAR STEARNS COML MTG SECS INC 5.30 10/12/2042 53,254,134.20 41,675,919.95 41,695,023.80 6.77 BEAR STEARNS COML MTG SECS INC 5.41 12/11/2040 19,365,139.71 14,787,192.35 15,343,401.87 6.82 BEAR STEARNS COML MTG SECS INC 0.21 5/11/2039 153,699,290.90 1,711,027.74 2,337,395.25 13.79 BEAR STEARNS COML MTG SECS INC 0.70 11/11/2035 151,999,280.99 4,341,404.23 3,971,095.73 26.91 BEAR STEARNS COML MTG SECS TR 5.20 12/11/2038 70,416,489.26 54,561,876.91 54,592,586.31 6.71 CORPORATE SECURITIES REPORT Security Rate Maturity Date Par Value Book Value Market Value Yield BEAR STEARNS COS INC 5.30 10/30/2015 15,000,000.00 14,795,744.42 14,167,277.55 5.61 BEAR STEARNS COS INC 5.59 1/31/2011 1,420,000.00 1,420,000.00 1,414,434.59 5.61 BEAR STEARNS COS INC 5.55 1/22/2017 40,000,000.00 37,738,150.00 37,784,555.20 5.88 BEAR STEARNS COS INC 5.35 2/1/2012 805,000.00 804,028.41 788,207.71 5.46 BEAR STEARNS COS INC 5.44 3/30/2009 5,400,000.00 5,403,105.94 5,392,777.50 5.45