Driven by strong markets and a growing U.S. economy, the state pension fund ended March with a record high balance of $104.2 billion, fund managers said last week.

The Pension Reserves Investment Trust (PRIT) fund was up 3.7% (or 3.6% net of fees) for the quarter that ended with March, the third quarter of the fiscal year. The fund was up 11.4% (10.9% net) for the 12-month period ending with March, which equated to “a net investment gain of $10.3 billion for the trailing twelve months,” according to pension fund data.

Documents prepared ahead of last week’s PRIM board meeting cautioned that the “fundamentals in the economy that were strong and propelled the markets in the March quarter recently turned more tepid.” The report cites lower GDP growth, higher inflation and an expectation that the Federal Reserve Bank will now only cut rates once this year.

Chobani billionaire buys Anchor Brewing

Craft beer pioneer Anchor Brewing Co. — maker of its famous Anchor Steam and Christmas Ale beers — has been purchased by Chobani yogurt founder and billionaire Hamdi Ulukaya.

The purchase price was not disclosed. Ulukaya said in a statement that Anchor embodies much of what makes San Francisco so great and he’s excited to be part of the company’s rebirth.

“I have fallen in love with this city, its history, grit and charm. I believe brands born in places like this are incredibly special and must be treasured, respected and loved,” he said.

Beer lovers mourned when the brewing company, established in San Francisco in 1896, announced its closure last year amid declining sales and increased competition from canned cocktails, crafted drinks, spirits and wines.

Brewery employees attempted to buy the company before it shuttered last year.