calpers is the largest u.s. public pension plan, number 10 globally. we run an asset portfolio of $470 billion, current valuation as of the end of june, but what calpers does is we have a dual mission, delivering pension benefits to 2 million california public sector workers, and we are the second largest health care purchaser beyond the federal government, 1.6 one million covered. managing that office portfolio, it has to be done efficiently in a risk-aware manner to generate those returns that sustainably pay benefits over a decade, so we are in evergreen fund. we have to think about risk and return, over decades, and over several public-sector lifetimes. our ability to deliver on that is defined by numerous factors. one is delivering on the expected rate of return. it just went from seven to 6.8 on a risk mitigation policy in effect, a 6.8% return over decades is a pretty difficult challenge for any public pension fund, and most funds discount their liabilities simulate to calpers in the expected rate of return range. even more importantly is that 6

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. >> what we know is that calpers, the largest state pension fund in america, invests in almost 300 chinesecouple of billion dollars in companies, like a company that is a surveillance company in china that they use to spy on the uighur muslim population. also invest in chinese companies that are involved in building up their military and specifically their navy. >> these are not transparent companies, at some point in the future in a conflict they decide they are going to undervalue the shares for purposes of striking back at american retirees 20 years from now, 10 years from now particularly those that once served in government it would create tremendous pressure, harm our economy and becomes a systemic risk. maria: another piece of the china's master plan is their buildup of intellectual property. for decades the chinese communist party has been infiltrating american government companies and universities and stealing the u.s.'s cutting edge technology and innovation. >> the chinese steal, you know, very very sensitive u.s. secrets and u.s. information from the government and the private

today, calpers announced their returns, which is 21.3. the median pension plan was probably about 26 or 27% for the fiscal year. if 27 was correct, that means we outperformed by about $1.8 billion this year? and in returns of gains, we returned approximately close to $9 billion for the year. going a little bit further into private equity, you can see on page 2, technology is beginning to sweep across a wide array of industries. i gave an example of large i.p.o.s in the last 1.5 years just so you can see how large these are for digital payments. travel, social media and dating, infrastructure and crypto currency, platform prescription drug, and more, and fee platform for construction. these are very widely disbursed different types of businesses that technology is beginning to impact. digging a little bit further into our book beyond public and private equity, you'll recall that in our real assets portfolio really took it on the chin in -- particularly in 1-q, 2-q, and 3-q 2019, where it staged a strong come back. our natural resources boo

final plus cut of the fund greater than $1 billion return universe which is 78 plans in a year where calpers reported 28.3, the fund was up and an index funds would have gotten you one number, but we are ranked number one just ahead of san bernadino. we are the best performing fund in that universe. congratulations to all. >> thank you very much. it was great to have some breaking news. bill, thank you for all the work you and the entire investment staff have done. we are so incredibly proud and so thankful that you have placed our system in this position at number one. i thank allan too. allan, you didn't mention that number two is who? >> san bernadino. >> and it's your client too. you came in one and two. very good. bill, would you like to have any comments? >> i would be pleased and honored to speak. from a deep police station in my place /* -- place in my heart i want top thank you for hiring me. jay, you've always served with distinction, class, and success and each of those in abundance. you and the board and staff and allan martin have been very supportive to implement a differentiat

final plus cut of the fund greater than $1 billion return universe which is 78 plans in a year where calpers reported 28.3, the fund was up and an index funds would have gotten you one number, but we are ranked number one just ahead of san bernadino. we are the best performing fund in that universe. congratulations to all. >> thank you very much. it was great to have some breaking news. bill, thank you for all the work you and the entire investment staff have done. we are so incredibly proud and so thankful that you have placed our system in this position at number one. i thank allan too. allan, you didn't mention that number two is who? >> san bernadino. >> and it's your client too. you came in one and two. very good. bill, would you like to have any comments? >> i would be pleased and honored to speak. from a deep police station in my place /* -- place in my heart i want top thank you for hiring me. jay, you've always served with distinction, class, and success and each of those in abundance. you and the board and staff and allan martin have been very supportive to implement a differentiat