SC pension fund rebounds in 2nd half of 2012

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COLUMBIA, S.C. (AP) — South Carolina's pension fund investments rebounded in the second half of last year, pushing earnings above 12 percent for 2012 after fees.

Chief Investment Officer Hershel Harper says the fund is on its way to a successful 2013 and meeting long-term expectations. The state assumes a 7.5 percent annual return when calculating what it needs to keep the system solvent for decades to come.

Numbers released Monday show the fund's annualized return for the three-year span ending Dec. 31 was 8.3 percent.

The portfolio's worth is $26.6 billion.

The calendar year earnings of 12.39 percent for 2012 are a sharp contrast to the fiscal year closing. Investments earned just 0.4 percent after fees for the four quarters ending June 30.

The commission's not previously released a calendar-year update.

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