CalSTRS made additional investments in the third quarter with Graham Capital Management and AQR Capital Management, of $300 million and $200 million, respectively, in commodity trading adviser strategies, spokesman Ricardo Duran said in an e-mail.
The $188 billion California State Teachers' Retirement System, West Sacramento, originally invested $150 million with Graham Capital a year ago and $144 million with AQR on May 1.
Graham now manages $530 million and AQR, $344 million, Mr. Duran said.
The two firms take long/short positions in equities, fixed income, commodities or currency markets depending on market conditions, and are part of CalSTRS' $1.2 billion risk and innovation portfolio.
The portfolio includes hedge funds, risk-based allocation strategies and a commodities program.