Despite small interest payments and not much price appreciation potential, many investors say it does deliver in this one area.
While plans with the highest fixed income allocation outperformed peers, few were unscathed.
The state pension plan is incorporating sustainable investing across asset classes.
Strategies include global investment grade, high yield, global bank loans, emerging market debt.
The giant pension fund is switching from return-oriented goals to a sharper focus on liquidity and strong betas.
Fund veteran Arnold B. Phillips had been serving as interim head since May 2018.
Deal aims to aid California county’s fixed income investments and help local businesses with government lenders.
Consultant Wilshire Associates also gives overall CalPERS leadership a C grade.