CalSTRS released its latest semi-annual performance reports to the Teachers’ Retirement Board’s Investment Committee at the September 2025 meeting. These reports—Investment Performance at-a-Glance (a summary of each asset class), real estate strategy and Private Equity Performance—aid the Investment Committee in overseeing the Teachers’ Retirement Fund.

The Investment Performance at-a-Glance report reflects the six months ending June 30, 2025. Due to the nature of the investments, timing of appraisals and partnership reporting, the real estate strategy and Private Equity reports cover the six months ending March 31, 2025.

The board reviewed these reports to monitor investment performance for fiscal year 2024–25 and the 3-, 5- and 10-year results ending June 30, 2025.

The reports demonstrate CalSTRS’ long-term investment strategy has resulted in a diversified, resilient portfolio able to weather short-term volatility and uncertainty.

Here are highlights from each report:

Investment performance

The CalSTRS Investment Portfolio gained 8.5% in the fiscal year ending June 30, 2025, outperforming its policy benchmark. During the last six months of the fiscal year, the value of the total portfolio rose by $18 billion (net of fees, contributions and benefits) to $367.7 billion. In the 12 months ending June 30, 2025, the value of the portfolio rose by $26.3 billion.

The fund benefited from strong returns in the Private Equity, Inflation Sensitive, Collaborative Strategies, and Fixed Income portfolios. Regardless of single-year performance, CalSTRS is focused on its role as a long-term investor that can withstand periods of market volatility.

Real estate strategy

The Real Estate Portfolio has outperformed its target return benchmark over the last decade and outperformed inflation over the 10-year time horizon.

As of March 31, 2025, the Real Estate Portfolio value was approximately $46.3 billion, which was 13.3% of the total fund.

Private equity performance

Despite a slight 1.7% decline over the six months ending March 31, 2025, the long-term performance of the Private Equity Portfolio remains strong on both an absolute basis and relative to benchmarks. The Private Equity Portfolio outperformed both CalSTRS’ custom benchmark and the Custom State Street Index, which is used to evaluate performance against other institutional investors, in the 12-month period ending March 31, 2025.

As of March 31, 2025, the Private Equity Portfolio value was approximately $56.2 billion, which was 16.1% of the total fund.

Semi-annual reports are presented to the board at March and September meetings.