Regional equity gains, as well as currency increasing against a declining US dollar, helped the asset classes surge in second quarter.
The $7.4 trillion asset manager sees cash as a guard against further shocks, leading a trend sweeping corporate America.
Nicolai Tangen, a hedge fund manager based in London, will take over the nearly $1 trillion plan.
The world’s largest asset manager said it’s reducing cyclical exposures to global assets, such as emerging markets and Japan.
Large money managers including J.P. Morgan, Fidelity, and Allianz have lost their relationships with the biggest US pension plan as part of a massive restructuring of CalPERS’s equity program.