- Associated Press - Tuesday, January 21, 2014

BOSTON (AP) - The Massachusetts pension investment fund is reporting strong growth.

The Pension Reserves Investment Management Board announced Tuesday that state’s Pension Reserves Investment Trust Fund returned 15.2 percent in 2013 - an investment gain of $7.9 billion.

That return helped drive the net asset value of the pension fund to $57.9 billion - the highest since its inception in 1984.

The fund also outperformed expectations for the year by 2.6 percent or about $1.4 billion in added value.

State Treasurer Steven Grossman said the performance in 2013 will enable Massachusetts to reduce its unfunded pension liability.

Grossman said the strong returns will also help make the state’s bonds more attractive to investors.

Global equities led all asset classes with a 24.1 percent return while the hedge fund portfolio was up 12.6 percent.

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