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Cashed-up CalSTRS positions for opportunities in volatile markets

Amanda White

May 15, 2025

CalSTRS has plenty of cash as it positions for opp
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Asset Owner:California State Teachers Retirement System (CalSTRS)

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CalPERS: Leverage, liquidity, inflation

In this Fiduciary Investors series podcast Amanda White talks to Ben Meng, chief investment officer of CalPERS, the largest pension fund in the United States. Meng, who oversees an investment office of nearly 400 employees and manages investment portfolios of roughly $400 billion, talks about the fund’s plan to achieve its 7 per return target - including the use of leverage – the liquidity management of the fund and how it could deploy capital during the crisis, and the inflation.

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The Harvard endowment is about half way through its transition to external investment management and will work with its service providers to implement the university’s new directive, to position the portfolio in line with net-zero greenhouse gas emissions by 2050.

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The importance of governance in a crisis

From December to mid-March of this year New Zealand Super lost 20 per cent of its assets. It’s the second time in less than 18 months the fund has experienced a significant drop in assets but in an example of how good governance and process can allow for counter cyclical behaviour the fund is now buying equities.

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London’s CIV talks pooling progress

The coronavirus is an unprecedented test for the UK’s eight Local Government Pension Scheme asset pools. The London Collective Investment Vehicle, the pooling manager for the pension assets of London’s 32 boroughs has lost 15 per cent of the value of its portfolio for the month, and CEO Mike O’Donnell says ensuring liquidity and diversification are priorities in the months ahead.

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