CalPERS

Investment Committee Agenda

This committee reviews investment transactions, the investment performance of both internal and external managers, and establishes investment policy and strategy.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Meeting Agenda for May 18, 2015

9:30 a.m. - Closed Session

Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later

Chief Investment Officer's Briefing on Market and Personnel Issues
(Government Code sections 11126(a)(1) and (c)(16))

Investment Committee Closed Session with Consultants – Investment Strategies
(Government Code section 11126(c)(16))

10:00 a.m. - Open Session

Or Upon Adjournment or Recess of Closed Session, Whichever is Later

Open Session

  1. Agenda Items
    1. Call to Order and Roll Call
    2. Executive Report - Chief Investment Officer Briefing (This item will be presented verbally at the meeting.) Ted Eliopoulos
    3. Consent Items
      Action Consent Items:Ted Eliopoulos
      1. Approval of the April 13, 2015 Investment Committee Meeting Minutes
    4. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review
      2. Draft Agenda for the June 15, 2015 Investment Committee Meeting
      3. Monthly Update – Performance and Risk
        1. Attachment 1
        2. Attachment 2
      4. Monthly Update – Investment Compliance
        1. Attachment 1
      5. Federal Investment Policy Representative Update
        1. Attachment 1
  2. Information Agenda Items
    1. Total Fund
      1. CalPERS Investment Beliefs Implementation ReviewTed Eliopoulos, Wylie Tollette, Eric Baggesen, Roger Urwin, Towers Watson
        1. Attachment 1
        2. Attachment 2
    2. Business Plan/Roadmap
      1. Investment Office Roadmap UpdateTed Eliopoulos, Wylie Tollette
        1. Attachment 1
    3. Asset Allocation, Performance & Risk
      1. Long-Term Care Fund Asset Allocation Review and Proposed Policy RevisionsEric Baggesen
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
      2. Proposed Revision to Liquidity Asset Class Target, Range and BenchmarkEric Baggesen
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
    4. Program Review
      1. Global Governance Program and Environmental, Social, and Governance Manager Expectations UpdateAnne Simpson, Dan Bienvenue, Curtis Ishii, Réal Desrochers, Paul Mouchakkaa, Beth Richtman, Andrew Junkin, Julia Bonafedes, Wilshire Associates
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
    5. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))

  1. Agenda Items
    1. Call to Order and Roll Call
    2. Consent Items
      Action Consent Items:Ted Eliopoulos
      1. Approval of the April 13, 2015 Investment Committee Meeting Minutes
    3. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Closed Session Activity Reports
        1. Status of Action Items Not Yet Reported
        2. Items Completed Under Delegated Authority
        3. Disclosure of Placement Agent Fees: Proposed Investments
        4. Investment Proposal Status Reports
  2. Information Agenda Items
    1. Total Fund
      1. Global Governance: Corporate Engagement Investment StrategyAnne Simpson
    2. External Manager and Investment Decision Updates
      1. Private EquityRéal Desrochers
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed Income ProgramsCurtis Ishii
      5. Absolute Return Strategies ProgramDan Bienvenue
      6. Total FundTed Eliopoulos

Notes

  1. Items designated for information are appropriate for Committee Action if the Committee wishes to take action.
  2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
  3. Public comment may be taken on any Agenda item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.

Dated: 05-18-2015