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Calpers is mulling whether to exit or cut back
its investment in commodities, company stocks and hedge funds,
the newspaper reported, citing anonymous sources. Calpers had
assets totaling $290.5 billion as of April 30, 2014, according
to its website, and any move it makes to change its investment
strategy could influence other state and local pension funds.
A representative for Calpers did not immediately respond to a
request for comment.
Calpers' top investment executives including Chief Investment
Officer Ted Eliopoulos are discussing whether to make the
changes and have not made a final decision, according to the
newspaper. Calpers' board has not been told about the talks,
sources told the Wall Street Journal.
The newspaper said one of the biggest changes the fund is
considering is potentially eliminating investments in indexes
for commodities, including energy, food and metals.
Calpers currently has $2.4 billion in such indexes, or less than
1 percent of total holdings, according to the report.
The fund is also thinking about shifting its $55 billion
investment in company stocks to broader investments in countries
or sectors, it said.
The report also said that Calpers may get rid of some of its
highly paid external investment managers.
Calpers, which has a $4.5 billion hedge fund, is also trying to
figure out options for part of the portfolio.
(Reporting by Liana B. Baker and Dan Burns; Editing by Eric
Walsh and Ed Davies)
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