The California State Teachers Retirement System (CalSTRS) reached $415.4 billion, announced at a September board meeting, which some economists attribute to a bull market. The fund returned 13.9% in fiscal 2025-26, well ahead of its 0.4% benchmark, with the strongest gains in private equity and inflation-sensitive investments, while real estate yielded $49.4 billion. Private equity slipped 1.9% in the six months to March 31, 2026, with a value of $58.7 billion. Jay Rogers noted the fund was 79% funded as of 2025 and still just over 20% short of its obligations, while New Jersey and Illinois plans sit around 39% to 40%. Economist Wayne Winegarden said the 14% return reflected a bullish stock market rather than necessarily smart investing, and that the unfunded liability is not yet sustainably addressed.
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Related tickers and likely impact
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/20/2026 | 769.05 |
| Change that session | +0.34% |
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