The exodus from hedge funds at Calpers follows a review of the portfolio that began in March, following the death of former chief investment officer Joseph Dear. Calpers officials began raising questions about whether hedge funds are too complicated or can effectively balance out poor-performing equ
The performance came in well below the fund's target of 1.7% growth in its $234.3-billion portfolio, said Joseph Dear, CalPERS' chief investment officer. The return for fiscal 2012 also was way below CalPERS' long-term growth strategy, which calls for a 7.5% average annual rate of return to pay for
Date: Jul 16, 2012
Category: Business
Source: Google
CalPERS, CalSTRS report big gains in investment returns
"We have not earned our way back (to) our peak," said Joseph Dear, chief investment officer at the California Public Employees' Retirement System. "CalPERS is clearly back, but we have a lot of work to do."
Chief investment officer Joseph Dear said the performance affirms the strategy and skills of our investment team. While we cant assume that well sustain this high level of earnings, we have averaged a net return on investments of 8.4 percent for 20 years.
"While we can't assume that we'll sustain this high level of earnings, we have averaged a net return on investments of 8.4 percent for 20 years," said Joseph Dear, the fund's chief investment officer.
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