Overview

• The fund earned a 2.1% return in the first half of 2025, generating roughly $6 billion in investment income.
• Total assets climbed to $269.6 billion by June 30, up $3.3 billion since the end of 2024.
• Public equities and a surge in gold prices delivered most of the first-half gains while private real estate, infrastructure and private equity were flat or declined.
• Over the one-year period to June 30 the plan returned 7.1% and its ten-year annualized return stands at 6.9%.
• A preliminary funding surplus of $29.1 billion as of Jan. 1, 2025 underpins the plan’s long-term solvency.