CalPERS

Investment & Risk Management Glossary

This Glossary identifies, defines, and clarifies the meaning of investment terms used by CalPERS in our investment policies. The purpose of the Glossary is to establish a uniform vocabulary of terms for users of these policies.

Choose from the letters below to find a specific Investment & Risk Management Investment Policy term or phrase. You'll also find information about the related policies and asset classes for each term.

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  #  ALL  


B


Back-Test - The calculation of historical, hypothetical results that could have been obtained from a particular investment process or strategy.

Related Policy


Bank Bonds - Bonds, notes or other evidences of indebtedness that are held by or have been purchased by CalPERS pursuant to its obligation to advance funds under any of the Letters of Credit or Lines of Credit issued by the Credit Enhancement Program pursuant to the Statement of Investment Policy for Credit Enhancement Program.

Related Policy


Benchmark - A set of securities with associated weights that provides a passive representation of a manager's investment process. The benchmark return is usually used to measure a manager's performance results.

Related Policy


Beta - A measure of the volatility, or systemic risk, of a security or a portfolio in comparison to the market as a whole.

Related Policy


Bond - A unit of debt, $1,000 of principal or par amount. For 200 years municipal bonds were sold in $1,000 denominations. Since the mid-1970s the minimum bond denomination has been $5,000; nevertheless,

Related Policy