As fiscal year 2012 drew to a close on June 30 for the state of Massachusetts, the good news was that just 8/10 of a percent was lost on the pension fund. The bad news, depending on your perspective, is that there was no gain as well, leaving the fund where it started twelve months ago.

The state pension fund of Massachusetts, with nearly $50 billion in assets, posted losses on stocks and natural resources but showed gains on bonds and other investments. The net zero loss/gain for the Pension Reserves Investment Trust, which invests on behalf of state workers and teachers, was far below the 8.25 percent rate the fund set as its targeted return back in July 2011. 

The Massachusetts fund's global equities portfolio, which comprises 43 percent of the fund's assets, lost 5.88 percent for the year. Specifically, a 4 percent fund allocation to timber and other natural resources dropped 7.95 percent.