Last week, Equable released an issue brief estimating the total losses of the Top 25 pension investment funds in 2025 (through April 8th), following the Trump administration’s announcement of near-universal global tariffs. Today, we’re releasing a breakdown of performance by fund for the trading days occurring between April 2nd – 11th, 2025.

Through April 11th, the total losses this year for the top 25 pension investment funds are $140.7 billion, of which $67 billion has been since April 2nd. These 25 investment funds represent represent two-thirds of total assets for state and local plans and cover 63 major public plans. Below, is a breakdown of losses by fund.

Estimated Losses in 2025 for State and Local Pension Investment Funds (Data Through April 11th, 2025)

wdt_ID State & Local Pension Investment Fund Estimated Losses in Public Equities Since Dec. 31, 2024 Estimated Losses in Public Equities Since April 2, 2025 Percentage of Assets in Equities, as of Dec. 31, 2024
1 California Public Employees Retirement Fund $ 16,520,000,000.00 $ 10,889,000,000.00 39.4%
2 California State Teachers’ Retirement System $ 11,202,000,000.00 $ 7,485,000,000.00 40.5%
3 New York State Common Fund $ 9,861,000,000.00 $ 3,526,000,000.00 40.9%
4 New York City Public Pension Funds $ 9,351,000,000.00 $ 6,042,000,000.00 41.0%
5 Florida Retirement System Trust (State Board of Administration) $ 8,647,000,000.00 $ 5,078,000,000.00 48.2%
6 Texas Teachers Retirement System $ 7,343,000,000.00 $ 2,626,000,000.00 39.9%
7 New York State Teachers’ Retirement System $ 6,740,000,000.00 $ 2,410,000,000.00 52.1%
8 Wisconsin Investment Board $ 4,185,000,000.00 $ 1,496,000,000.00 37.0%
9 Washington State Investment Board $ 4,045,000,000.00 $ 1,446,000,000.00 26.8%
10 North Carolina Total Retirement Plans (Treasurer of State of North Carolina) $ 4,592,000,000.00 $ 1,642,000,000.00 41.2%

These are estimated losses in the public equities holdings of pension investment funds, and do not reflect losses or gains in other asset classes. The estimates are based on the most recent public reports for each fund, so if there were portfolio reallocations, purchases, or sales in the days or weeks leading up to the market crashes following April 2’s announcement then that would not be reflected in our estimate.

For reference, the table below details important information and toplines on the funds measured in this data including last publicly reported asset value and the plans covered.

State and Local Pension Investment Fund Management Details

wdt_ID State & Local Pension Investment Fund Investment Asset Value as of Most Recent Public Report Most Recent Publicly Reported Asset Measurement Date Fund Type Pension Plans Commingling Assets
1 California Public Employees Retirement Fund $ 533,200,000,000.00 2025-02-28 System Trustees CalPERS
2 California State Teachers’ Retirement System $ 352,700,000,000.00 2025-02-28 System Trustees CalSTRS
3 New York State Common Fund $ 273,400,000,000.00 2024-12-31 Comptroller/Treasurer NY SLRS ERS, NY SLRS PFRS
4 New York City Public Pension Funds $ 284,274,720,000.00 2025-01-31 Comptroller/Treasurer NYC BERS, NYC ERS, NYC Police, NYC Fire, NYC Teachers
5 Florida Retirement System Trust (State Board of Administration) $ 204,873,694,918.00 2025-01-31 Investment Agency/Commission FRS
6 Texas Teachers Retirement System $ 83,351,061,077.43 2024-09-30 System Trustees TX TRS
7 New York State Teachers’ Retirement System $ 146,847,391,000.00 2024-12-31 System Trustees NY STRS
8 Wisconsin Investment Board $ 128,393,000,000.00 2024-12-31 Investment Agency/Commission WRS
9 Washington State Investment Board $ 171,340,687,178.00 2024-12-31 Investment Agency/Commission WA PERS 1, WA PERS 2/3, WA SPRS 1/2, WA LEOFF Plan 2, WA TRS 1, WA LEOFF Plan 1, WA PSERS 2, WA TRS 2/3, WA SERS 2/3
10 North Carolina Total Retirement Plans (Treasurer of State of North Carolina) $ 126,503,480,000.00 2024-12-31 Comptroller/Treasurer NC TSERS, NC LGERS