Calpers Has Worst Year, Off 23.4% - WSJ.com:
"The California Public Employees' Retirement System, the nation's largest public pension fund, reported a preliminary decline of 23.4% for the fiscal year ending in June. The fund saw its value fall by $56 billion from the previous fiscal year to $180.9 billion."
Ending Market Value = $180.9 billion
Beginning Market Value = $180.9 billion plus $56 billion is $236.9 billion
EMV/BMV minus 1 = -23.6%
I have no qualms over the 0.2% difference given the possibility of rounding error in the original CaLPERS calculation. However, there is no cash flows components to the calculation if rounding is accepted as the reason for the difference.
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