Highlights of CalPERS’ third-quarter 13F filing




US pension fund The California Public Employees’ Retirement System (or CalPERS) filed its 13F for the quarter ended in September. CalPERS assets for the fiscal year that ended in June stood at more than $300 billion. In this series we’ll review some of the main positions traded during the quarter.

The fund’s portfolio dropped to $72.3 billion for the quarter ended in September, down from $73.5 billion in the prior. The portfolio comprises 3,757 stocks.

CaliPERS positions

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New positions were added in Weatherford International Plc (WFT), Liberty Media Corp. (LMCA), Alibaba Group Holding Limited (BABA), Fidelity National Financial Inc. (FNF), CBS Outdoor Americas Inc. (CBSO), and TRI Pointe Homes Inc. (TPH). Top exits included stakes in Fomento Economico Mexicano, SAB de CV (FMX) and Vodafone Group Plc (VOD).

CalPERS to move out of hedge fund investments 

CalPERS made the news earlier in September for stating that it plans to exit its entire $4 billion investment in hedge funds. CalPERS interim chief investment officer, Ted Eliopoulos, was cited by Bloomberg as saying, “We concluded that we would eliminate the hedge fund program in order to reduce the complexity, reduce the costs in the program…” For the fiscal year, CalPERS’s hedge-fund investments returned 7.1%.

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In a recent release citing Preqin data, Fitch Ratings said, “as of June 2014, 269 public pensions in the U.S. made allocations to hedge funds, with an average of about 8.6% of their total AUM allocated to hedge funds.” It added, “data generally shows improvements in hedge fund investment allocations by public pensions since 2010.”

The top ten positions in for the quarter are outlined below.


About CalPERS

CalPERS is the largest public pension fund in the US. It administers health and retirement benefits on behalf of 3,064 public school, local agency, and state employers. There are more than 1.6 million members in the CalPERS retirement system, and more than 1.3 million members registered in its health plans.

In the next part of this series, we’ll review CalPERS’ new position in Weatherford International.


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