Monday, 20 October 2014
Last updated 5 hours ago
Jul 21 2010 | 10:40am ET
Following a dismal fiscal year 2009, the California State Teachers’ Retirement System turned to alternative investments, and the nation’s second-largest public pension fund was not disappointed.
The plan enjoyed a 12.3% return in the year ended June 30, buoyed by a 21.7% return in its private equity portfolio, which accounts for 14.5% of CalSTRS’ $129.8 billion in assets.
CalSTRS tumbled some 25% in its last fiscal year. It then decided to temporarily move 10% of its assets out of global equities, with 5% temporarily going to a new portfolio of fixed-income, private equity and real-estate, and the other 5% permanently going to a new hedge fund investment plan.
The pension has also created a new unit to investigate new investment strategies, including global macro hedge funds and commodities.
“We’ve taken steps to position the portfolio for long-term growth, but we’re not out of the woods yet,” Christopher Ailman, chief investment officer, said. “The American economy suffered a near-death experience in 2008, and it’s going to take some time to fully recuperate from that. This year’s performance is a solid start along that road to recovery.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...