The California Public Employees’ Retirement System plans to
boost its allocations to event-driven and global macro hedge funds to help
reduce the impact of fluctuations in the stock market.
The biggest U.S. pension fund aims to invest 5 percent of
its hedge-fund portfolio with event-driven managers, up from zero in its
current weighting, and increase investments in global macro funds to 10 percent
from 2 percent, according to a presentation posted on the system’s website.
Calpers, with $254.5 billion in assets, has about 2 percent,
or $5 billion, in hedge funds, according to Ed Robertiello, senior portfolio
manager of the fund’s Absolute Return Strategies Program...
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