The San Diego City Employees Retirement System, the pension fund for employees of the city of San Diego, the Port of San Diego, and the San Diego County Regional Airport Authority, reported a preliminary return of 16.6 percent, net of fees, for the 2014 fiscal year ended June 30.

The pension fund’s assets increased by $900 million over the year to surpass $7 billion, the largest in its history. The returns were chiefly driven by strong performances in the fund’s U.S. and international stocks. The returns don’t include the final returns in its private equity and real estate investments.

SDCERS, as have most pension funds, did well in the past year as markets have generally risen by double digits. For the past three years, the fund reported a return of 9.9 percent, and for five years, its average return was 13.3 percent.