SC pension fund rebounds in 2nd half of 2012

Associated Press

COLUMBIA, S.C. (AP) - South Carolina's pension fund investments rebounded in the second half of last year, pushing earnings above 12% for 2012 after fees.

Chief Investment Officer Hershel Harper says the fund is on its way to a successful 2013 and meeting long-term expectations. The state assumes a 7.5% annual return when calculating what it needs to keep the system solvent for decades to come.

Numbers released Monday show the fund's annualized return for the 3-year span ending Dec. 31 was 8.3%.

The portfolio's worth is $26.6 billion.

The calendar year earnings of 12.39% for 2012 are a sharp contrast to the fiscal year closing. Investments earned just 0.4% after fees for the four quarters ending June 30.

The commission's not previously released a calendar-year update.

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