CalPERS next month will consider adopting a focused search to add...

CalPERS next month will consider adopting a focused search to add active international equity managers to its "spring-fed pool." Rosalind Hewsenian, managing director of Wilshire Associates, today told the investment committee of the $166 billion California Public Employees' Retirement System, Sacramento, that she and the staff had evaluated the underperformance of the pension fund's active international equity program, which has lagged its benchmark for the one-, three- and five-year periods ended June 30. The fund has approximately $11 billion in active international equity. Small-cap value has dominated performance, while CalPERS' program has been biased toward large-cap growth, Ms. Hewsenian said. No details were available on how CalPERS might change its international equity allocation.