Investment portfolio
CalSTRS is the largest educator-only pension fund in the world with assets totaling approximately $392.2 billion as of December 31, 2025.
| Asset | Net asset<br>value<br>(in millions) | Actual | Current<br>target | Difference | Range |
|---|---|---|---|---|---|
| Public Equity* | 164,515 | 41.95% | 39.00% | 2.95% | +/- 8% |
| Fixed Income | 49,804 | 12.70% | 13.00% | -0.30% | +/- 5% |
| Real Estate* | 48,949 | 12.48% | 15.00% | -2.52% | +/- 5% |
| Private Equity* | 57,415 | 14.64% | 14.00% | 0.64% | +/- 5% |
| RMS | 30,161 | 7.69% | 10.00% | -2.31% | +/- 5% |
| Inflation Sensitive | 27,429 | 6.99% | 7.00% | -0.01% | +/- 5% |
| Cash / Liquidity | 7,208 | 1.84% | 2.00% | -0.16% | 0 - 5% |
| Collaborative<br>Strategies* | 6,372 | 1.62% | 0.00% | 1.62% | 0 - 5% |
| Strategic Overlay | 350 | 0.09% | 0.00% | 0.09% | |
| Total<br>investment assets | 392,203 | 100.00% | 100.00% |
* Includes Sustainable Investment & Stewardship Strategies public and private investments total of $2,837 (in millions)