CalPERS is focused on thoughtfully selecting the right person to guide our $450 billion global portfolio and lead the highly skilled professionals in our investment office. As we go forward, our No. 1 priority is executing on our long-term investment strategy. This has been successfully achieved in recent months by our interim CIO, and our investment returns have topped many of our industry peers in both the last fiscal year and calendar year time periods.
Throughout the rest of 2021, we'll be conducting a comprehensive review of our assets and liabilities, an important analysis we undertake every four years. We'll carefully examine capital market assumptions from financial experts as well as the results of an actuarial study detailing demographic changes in the workplace and in our members' lives. At the end, we'll decide an appropriate level of risk and an asset allocation mix that will strengthen the financial foundation we've been steadily building for the past few years.
The "urgency" you mention (Editorial, April 5, "Urgency underscores CalPERS' search for a CIO") is the hard work we do every day to provide retirement security to our 2 million members. Our next chief investment officer will certainly be critical to helping us deliver on that promise.
CalPERS chief executive officer