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 February 16, 2016

9:00 a.m. - Open Session

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

Open Session

  1. Agenda Items
    1. Call to Order and Roll Call
    2. Election of the Investment Committee Chair and Vice Chair
    3. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Ted Eliopoulos
    4. Consent Items
      Action Consent Items:Ted Eliopoulos
      1. Approval of the December 14, 2015 Investment Committee Meeting Minutes
      2. Report to the California Legislature – Holocaust Era and Northern Ireland
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
    5. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review
      2. Draft Agenda for the March 14, 2016 Investment Committee Meeting
      3. Monthly Update – Performance and Risk
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
      4. Monthly Update – Investment Compliance
        1. Attachment 1
        2. Attachment 2
      5. Federal Investment Policy Representative Update
        1. Attachment 1
      1. Global Governance Policy Ad Hoc Subcommittee ReportBill Slaton
      2. Revision of the Global Governance Principles – First ReadingTed Eliopoulos, Anne Simpson
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
  2. Action Agenda Items
    1. Policy & Delegation
      1. Revision of Investment Policy for Real Assets – Second ReadingWylie Tollette, Kit Crocker, Paul Mouchakkaa
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
  3. Information Agenda Items
    1. Asset Allocation, Performance & Risk
      1. CalPERS Trust Level Review – Consultant ReportAndrew Junkin, Wilshire Associates Consulting, Michael Moy, Andrew Bratt, Christy Fields, Pension Consulting Alliance, David Altshuler, StepStone Group LLC
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
      2. CalPERS Trust Level ReviewTed Eliopoulos, Eric Baggesen
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
      3. Asset Allocation Target Revisions for Funding Risk Mitigation EventsEric Baggesen, Paul Zhang
        1. Attachment 1
      4. Update on Borrowed Liquidity ApproachEric Baggesen
        1. Attachment 1
        2. Attachment 2
    2. Policy & Delegation
      1. Revision of Total Fund Investment Policy, including Divestment and Repeal of Legacy Policies – First ReadingWylie Tollette, Kit Crocker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
      2. Revision of Affiliate Fund Policy and Repeal of Legacy Policy – First ReadingWylie Tollette, Kit Crocker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
    3. Program Review
      1. Review of 2015 Proxy Voting Results and 2016 Voting PlanAnne Simpson
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
    4. Summary of Committee Direction (Oral Report)Ted Eliopoulos
    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 December 14, 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. Asset Allocation, Performance & Risk
      1. CalPERS Trust Level ReviewTed Eliopoulos
    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. OpportunisticTed 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.


Location

CalPERS Headquarters
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA 95811

Parking
CalPERS Building Guide (PDF)

Security

For your safety, attendees are screened upon entering the auditorium.