Rob Feckner was elected chairman of CalPERS investment committee today. He is vice president of the systems board of administration. Priya Sara Mathur, a principal financial analyst for Bay Area Rapid Transit District, was elected vice chairman.
Separately, the $134 billion California Public Employees Retirement System, Sacramento, underperformed other large pension funds last year. CalPERS returned -9.5%, compared with the -9.1% median for the Wilshire Associates large fund universe. Underperformance primarily came from corporate bonds, currency overlay and real estate, according to data from consultant Wilshire and CalPERS staff. Total fund attribution revealed that active management lost 1.3% in 2002, almost all of which came from the funds corporate bond exposure.