After missing the strong rally in the US high yield debt market, the $201.3 billion CalPERS’ global fixed income program, which manages about a quarter of the fund’s assets, has extended its mandates with external managers and will continue actively managing its US debt portfolio internally.
This month the $24 billion Arizona State Retirement System completed an asset allocation overhaul resulting in new dedicated allocations to commodities and emerging market equities. Amanda White spoke with director Paul Matson about the decision-making process and the exposure and implementation decisions, including manager selection, still to come.
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The $110 billion Florida Retirement System Pension Plan (FRS PP) outperformed its policy benchmark by 10 basis points in the September quarter, thanks to overweight allocations to domestic and international equities.
The International Corporate Governance Network (ICGN) has revised its Principles for the first time since 2005, shifting the focus from structures to behaviour and culture, as well as adding two new Principles, including risk management, as a result of the financial crisis.
CalPERS has extended the mandates of its external global equities managers by one year to enable staff to complete the asset class review, which will produce a recommendation about the role of external managers in the portfolio.
Institutional investors have taken their feet off the gas, with the latest data from State Street Global Markets showing a “neutral” reading for cross-border flows and consensus views on global markets.