Some of the nations largest public pension funds made mixed decisions on whether to buy in todays tumultuous stock market. "Were buying, said Sherry Reser, public information officer of the $103.3 billion California State Teachers Retirement System, Sacramento. She would not disclose how much CalSTRS is buying, she said, although the purchases were for the systems passive funds. "Were doing our asset allocation to keep with a strategic target range. She noted the fund had 3.3% of total assets in cash as of the end of July, its most current allocation figures. Its target is 1% and its strategic range is zero to 3%. The system had 37.5% in domestic equities, compared with its 38% target and strategic range of 35% to 41%.
"We are trying to let the market settle, said Brad Pacheco, spokesman for the California Public Employees Retirement System, Sacramento. The $155 billion pension funds investment committee is meeting today. "We have done a little buying today. We may do some more buying (for index funds) within the next few days.
H. Carl McCall, New York state comptroller, said this morning the $112 billion New York State Common Retirement Fund, Albany, for which he is sole trustee, planned to make a "substantial investment in the market during the day.
Texas Employees Retirement System, Austin, is not putting any new money in the market, said a spokeswoman. The $21 billion system did its last quarterly rebalancing in August. It had 41% of total assets in domestic equities and 18% in international equities.
Missouri State Employees Retirement System, Jefferson City, "doesnt have a lot of cash to commit about $25 million, said Gary W. Findlay, executive director of the $5.1 billion fund. "Were fully invested, he said, with 50% of assets in domestic equities and 25% in international equities.
"Were just watching, Mr. Findlay said. "Were fully invested. We have a policy of not rebalancing intramonth. With the little bit of cash we have, we will invest if we see value. Any buying would be in index funds, which the fund manages internally, he said. "We dont do that kind of tactical investing internally, he added, referring to buying only certain market sectors or industries.