CalPERS staff wants to know whether its external international equity...

CalPERS staff wants to know whether its external international equity managers are permitted to invest in American and global depository receipts tracking stocks of companies based in countries not on CalPERS’ permissible country list. Three of four CalPERS’ new emerging markets managers said they would invest in ADRs and GDRs if allowed, and the staff notes such investments would lower the riskiness of the portfolios. The issue will be addressed by the investment committee of the $149 billion California Public Employees’ Retirement System, Sacramento, on April 15.