CalPERS investment committee today voted to shift $2.7 billion out of global fixed income and into alternative investments and real estate. The new asset mix for the $136 billion California Public Employees Retirement System, Sacramento, will be 39% U.S. equity, 19% international equity, 26% fixed income, 9% real estate and 7% alternatives. Alternatives and real estate were increased by one percentage point each, while global fixed income was decreased by two percentage points.
In addition, CalPERS adopted target ranges of plus or minus five percentage points for total equities and global fixed income, and plus or minus two percentage points for real estate and alternatives.
CalPERS also agreed to co-sponsor with Amalgamated Bank a shareholder proposal at General Electric Co. asking it to use performance-based options in its executive compensation policy. Last year, the bank sponsored a similar proposal at GE; it won 31.5% of the vote.