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CalSTRS ups investments with Graham Capital, AQR

CalSTRS building
CalSTRS headquarters in West Sacramento.

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.