CalPERS Income Program primarily consists of U.S. and international fixed income strategies. Over 90 percent of the Income portfolio is internally managed by CalPERS investment staff. CalPERS utilizes some active external managers for its investment portfolio, specifically in international fixed income, emerging markets, high-yield bonds, and loans. The strategic objective of the program is to diversify and dampen risk in our overall investment programs and enhance our total returns.

Assets in the Portfolio: U.S. and international bonds

Investment Division: Income

Current Portfolio Size: View CalPERS Investment Fund Values.

Investment Proposals: New external managers are selected through a formal solicitation process. Find more information on Manager Solicitations, Investment Proposal Submission, and other CalPERS Business Opportunities.

Emerging Manager Program: The Global Fixed Income Program does not currently have an Emerging & Transition Managers Program.

Policy: Investment Policy for Global Fixed Income Program (PDF)

View all Investment Policies.

View CalPERS Beliefs for our views on public pension design, funding, and administration.