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September 17, 2013 01:00 AM

CalPERS adopts 10 investment beliefs to guide decisions

Kevin Olsen
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    Bloomberg
    Joe Dear is chief investment officer at California Public Employees' Retirement System.

    CalPERS adopted a set of 10 investment beliefs that provides a framework for investment decisions and alignment between investment committee members and staff.

    Approval by the board on Monday ended a process that had started in November. CalPERS believes it is the first U.S. pension fund to adopt specific investment beliefs that will guide decision-making over the long run. The beliefs are a framework and not a checklist for every decision made by the $260.9 billion California Public Employees' Retirement System, Sacramento.

    Next month the board will vote to approve a policy for the investment beliefs that explains how they will be implemented and used in the investment office, spokesman Joe DeAnda said.

    “These beliefs are another important step in the recovery of CalPERS, providing a clear direction and philosophy for investment decisions,” said Joe Dear, CalPERS chief investment officer, in a news release. “They also will be integrated into the culture of the investment office and help maintain continuity at all levels of staff.”

    Some of the key beliefs related to investing are “liabilities must influence the asset structure” and “strategic asset allocation is the dominant determinant of portfolio risk and return.” The list also includes beliefs related to risk, cost and articulating investment goals.

    An asset/liability study is also ongoing that could result in changes to the asset allocation in December. The investment beliefs were the first completed part of a multifaceted, lengthy strategic review process of the pension fund.

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