CalPERS Approves New Asset Allocation to Guard Against Risk, Rising Inflation
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CalPERS Approves New Asset Allocation to Guard Against Risk, Rising Inflation
Following a nearly year-long review, the biggest US public pension has OK’ed a new asset allocation to position the fund for better risk-adjusted performance.
The investment committee at the $220 billion California Public Employees’ Retirement System (CalPERS), the biggest US public pension fund, has approved a new risk-based asset allocation with an assumed rate of return as low as 7.4%, net of fees, down from the current 7.75%.
Seeking to guard itself from extreme market risks and rising inflation, the CalPERS board has increased the asset allocation of public equity, infrastructure and forest land, inflation-linked bonds and Treasuries. Meanwhile, it has lowered the allocation to fixed-income and commodities. The allocation for private equity and real estate has remained unchanged.
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