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 June 17, 2019

View Open Session Meeting Transcript (PDF)

Open Session

9:00 a.m.
Or upon adjournment or Recess of the Board Closed Session – Whichever is later

  1. Item
    1. Call to Order and Roll Call (PDF)
    2. Approval of the June 17, 2019 Investment Committee Timed Agenda (PDF)
    3. Pledge of Allegiance
    4. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Ben Meng
    5. Action Consent ItemBen Meng
      1. Approval of the May 13, 2019 Investment Committee Open Session Meeting Minutes (PDF)
    6. Information Consent ItemsBen Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the August 19, 2019 Investment Committee Meeting (PDF)
      3. Monthly Update – Performance and Risk (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
      4. Monthly Update – Investment Compliance (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
      5. CalPERS for California Annual Update (PDF)
        1. Attachment 1 (PDF)
    7. Investment Education Workshop #2 – Time Certain 9:30 a.m.
      1. Asset Class Overview: The Role of Fixed Income and Benchmarks (PDF)Ben Meng, Dan Bienvenue, Anne Simpson and Jeffery V. Bailey, Chartered Financial Analysts Institute
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
    8. Action Agenda Item – Asset Allocation
      1. Affiliate Trust Asset Allocation Review for the California Employers' Pension Prefunding Trust (PDF)Dan Bienvenue, Eric Baggesen, Christine Reese and Alison Li
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
    9. Information Agenda Item – Total Fund
      1. Mitigating Drawdowns (PDF)Ben Meng
        1. Attachment 1 (PDF)
    10. Summary of Committee Direction (Oral Report)Ben Meng
    11. Public Comment

Closed Session

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

  1. Item
    1. Call to Order and Roll Call
    2. Action Consent ItemBen Meng
      1. Approval of the May 13, 2019 Investment Committee Closed Session Meeting Minutes
    3. Information Consent ItemsBen Meng
      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
    4. Information Agenda Item – Strategic Asset Allocation
      1. Global Fixed Income Benchmark Strategic ImplementationDianne Sandoval and Eric Baggesen
    5. Information Agenda Item – Total Fund
      1. Strategic Asset AllocationDianne Sandoval and Eric Baggesen
    6. Information Agenda Items – External Manager and Investment Decision Updates
      1. Private EquitySarah Corr and Ben Meng
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed IncomeArnie Phillips
      5. OpportunisticKevin Winter
      6. Trust Level Portfolio ManagementEric Baggesen
      7. Sustainable InvestmentsBeth Richtman
    7. Chief Investment Officer – Personnel, Employment and Performance
    8. Information Agenda Item – Investment Strategy Session with the Board's Independent Consultants

Notes

  1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
  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 three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.)
  4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.


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.