SACRAMENTO, Calif. — CalPERS decided to delay until April removal of the Philippines from the $165 billion system's permissible emerging markets roster. Following heated debate, interrupted by applause and protests from about 200 Filipino-Americans in the audience, the board of the California Public Employees' Retirement System decided to consider information in the International Monetary Fund report that came out earlier this month.
Separately, CalPERS placed Shenkman Capital Management on watch because of performance concerns, according to a summary of the board's Feb. 17 closed-session meeting. Shenkman runs $166 million in high-yield fixed income for the fund. Chris Formoso, a marketing-client service officer at Shenkman, declined to comment.
The system's board also approved investing up to $200 million over the next several years in a new environmental technology program. Investments would include renewable energy sources, hydrogen-oriented energy sources and energy storage. The program, which could be expanded to $700 million, was strongly supported by union officials, who believe it will create new jobs as well as generate clean sources of energy.