Saturday, 25 October 2014
Last updated 23 hours ago
Nov 8 2011 | 10:39am ET
The nation's largest public pension fund may vote to boost its already substantial hedge fund portfolio next year.
The $228.6 billion California Public Employees' Retirement System is launching its first review of its hedge fund program since Joseph Dear became chief investment officer two-and-a-half years ago. While the review has yet to begin, Dear said today that the outcome is all but assured.
"The outcome of [the review] could be a decision to increase the size of the program," he told Bloomberg News. "It could be to leave it where it is. I doubt it will result in a recommendation to shrink the size."
CalPERS currently invests $5.2 billion, or about 2% of its assets, in hedge funds, which were moved in July from the pension's public equity portfolio to its absolute return program.
Dear said that the hedge fund portfolio "demonstrated its value" in the third quarter, when CalPERS' global equity portfolio lost 18%, but its absolute return strategy fell only 2.5%.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.