US - The asset allocation of the US$250bn California Public Employees' Retirement System (CalPERS) has been revamped.
Two-thirds (66%) of the portfolio will be invested in public and private equities combined, while fixed income and inflation-linked assets combined will make up 24% of the overall portfolio and real estate 10%.
Global publicly-traded stocks have been reduced 4% to 56%, and will be split between US stocks and international stocks. Private equity has been increased 4% to 10%, to offset the decrease in publicly-traded equities.
The fixed income allocation has been decreased from 26% to 19%; while the new inflation linked assets will have a 5% allocation. The 10% real estate allocation is a 2% increase over the previous allocation of 8%.
Rob Feckner, board president, CalPERS, said: "We have achieved strong results for the last four years, but that is not a guarantee that we would be as successful with the existing allocation.
"This new asset allocation - with its emphasis on international stocks, venture capital, commodities, real estate and infrastructure - is the right mix to help us provide for our retirees and minimize the need for taxpayer dollars."
Historically, 75 cents of every dollar for CalPERS retirement benefits comes from investment earnings.
Charles Valdes, investment committee chair, CalPERS, said: "By hitting the reset button every few years, we keep our portfolio balanced and diversified in a fluid market that never stands still."
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.