As the financial sector spiraled downward, calPERS lost 20% of its assets between July 1 and Monday, totaling nearly $40 billion in losses. The drop is partly attributed to how the fund weights equities -- at more than 60% -- which have had a particularly bad year. CalPERS is the largest U.S. state pension fund, with assets at $192 billion. Three years ago, they peaked at more than $250 billion.

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