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Highlights of CalPERS holdings in 4Q14

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CalPERS files 13F

The country’s largest public pension fund, the California Public Employees’ Retirement System (or CalPERS) filed its 13F for the quarter ending in December 2014. 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 remained nearly unchanged at $72.4 billion for the quarter ending in December from $72.3 billion in the prior period. The portfolio comprised 3,794 stocks, up from 3,757 stocks in the prior year quarter.

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CalPERS holdings updates in 4Q14

The pension fund added new positions in Dorian LPG (LPG), CDK Global (CDK), Keysight Technologies (KEYS), and LM Ericsson Telephone Company (ERIC). The fund exited a stake in Medtronic Plc (MDT), Taiwan Semiconductor Manufacturing (TSM), and Equinix (EQIX). It enhanced its positions in Kinder Morgan (KMI) and Staples (SPLS).

Other position updates worth mentioning were stake decreases in International Business Machines (IBM), Chevron (CVX), and Exxon Mobil (XOM), which is still the fund’s second largest position. Apple (AAPL) continued to be its top holding in 4Q14.

CalPERS news updates

CalPERS recently stated it will receive approximately $301 million in damages from Standard & Poor’s (S&P) and parent company McGraw-Hill Financial. This is the result of settlements in cases against S&P that stemmed from its rating of mortgage-backed and other securities prior to the financial crisis.

CalPERS noted that it has recovered approximately $900 million to date from settlements related to investment losses sustained during the financial crisis. In September 2014, CalPERS made the news for stating that it plans to exit its entire $4 billion investment in hedge funds.

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.

The next part of this series will highlight the fund’s position in Dorian LPG.

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