CalPERS today selected Analytic Investors, First Quadrant, Goldman Sachs Asset Management, Quantitative Management Associates and State Street Global Advisors to be included on the $225.3 billion system's pre-approved list of U.S. long/short equity managers. The size of each manager's portfolio has not been determined. The firms will be able to invest up to 135% long and up to 35% short, under guidelines established by the California Public Employees' Retirement System, Sacramento.
Separately, the board approved renewing the annual contracts of currency overlay managers Pareto Partners and SSgA. As of Sept. 30, Pareto overlayed $5.3 billion of CalPERS' $46.7 billion international equity portfolio, and SSgA, $2.3 billion.
In addition, the board approved moving Golden Capital Management from its manager development program and making it a mainstream manager for its U.S. enhanced equity portfolio. Golden manages $142 million in domestic enhanced indexed large-cap equities. CalPERS' other nine domestic enhanced managers run portfolios ranging in size from $363 million to $1.3 billion for the fund.
CalPERS also approved a policy allowing its active emerging markets equity managers to invest in what Vice President Robert Carlson called "Olympian" companies in non-permissible countries such as China and Russia. Such companies have exemplary social and economic records.