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Calpers 2011 Annual Investment Report

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Calpers 2011 Annual Investment Report Annual Investment Report Fiscal Year Ended June 30, 2011 California Public Employees’ Retirement System A Component Unit of the State of California 10 / 11 Summary of Investments as of June 30, 2011 Introduction Alternative Investment Management Chief Investment Officer’s Letter Program Corporate Restructuring Cash Equivalents Distressed Securities Domestic Cash Equivalents Expansion Capital International Currency Mezzanine Debt Debt Securities Secondary Interest Asset-Backed Special Situation Corporate Venture Capital Sovereign Bonds Inflationary-Linked Assets U.S. Treasuries & Agencies Inflationary-Linked Assets Mortgage Loans Derivatives Real Estate Programs Mortgage-Backed Securities Domestic Real Estate International Debt Securities Domestic REITS International Derivatives International Real Estate Equity Domestic Equity & Options International Equity & Options Chief Investment Officer’s Letter June 30, 2011 The Board of Administration of the California Public Employees’ Retirement System On behalf of CalPERS Investment Office, I am also will have an international growth and income pleased to report on CalPERS investment performance, sector in emerging markets. operations, and initiatives for the one-year period ending We successfully completed several important on June 30, 2011. The CalPERS Fund earned a net initiatives. During this past fiscal year, the CalPERS 21.7 percent return this fiscal year, with the market value Board adopted a new risk-based asset allocation of the Fund climbing to $239.3 billion. The returns mark structure that positions us to better manage the Fund the strongest annual performance in 14 years for the in varying market conditions. The strategy focuses on Fund and the second straight fiscal year we’ve exceeded such key drivers of risk and return as economic growth, our long-term annualized earnings target of 7.75 percent. inflation, liquidity and interest rates. CalPERS staff We have averaged a net return on investments of will use the new risk-based allocation structure as 8.4 percent over the past 20 years. they review asset allocation decisions and evaluate Our total Global Equity portfolio increased investment opportunities. 30.2 percent, exceeding its benchmark by 9 basis points. The Investment Office cut operational costs over Global Fixed Income grew by 7 percent, beating its the past year by more than $350 million, led by reductions benchmark by 1.4 percentage points, and the Alternative in management fees charged by investment partners and Investment Management Program (private equity) managers. And our Corporate Governance program surpassed its benchmark by nearly 5 percentage points helped develop and launch the Diverse Director with a 25.3 percent return. Commodities, infrastructure, DataSource, a new resource that shareowners, companies forestland, and inflation-linked bonds grew a combined and other organizations can use to recruit individuals 13.6 percent in the fiscal year, exceeding its benchmark whose experience, skills and knowledge qualify them by 6 percentage points. to be a candidate for a board director’s seat. The determined effort by our real estate staff to Finally, we continue to invest in our home state restructure the portfolio following the financial downturn of California. At the close of the fiscal year, we had had a strong impact, with real estate gaining 10.2 percent approximately $23.5 billion invested or committed in the fiscal year as valuations continued to stabilize. to businesses here. The CalPERS Board adopted a new strategy for real Our Investment Office staff, pension consultant estate in February 2011 that focuses primarily on core, Wilshire Associates, and State Street Bank & Trust, income-generating properties. The plan calls for investing our master custodian, compiled the investment data at least 75 percent of the portfolio mainly in retail, office, presented on the next pages as required by the Public industrial and multi-family housing properties in the Employees’ Retirement Law. We remain committed to United States over the next several years. Most new provide our members, beneficiaries and employers with commitments will go to long-term partners managing superior risk-adjusted returns to support their long-term exclusive CalPERS real estate accounts. The portfolio financial needs. Joseph A. Dear Chief Investment Officer CalPERS 2010-2011 Annual Investment Report Domestic Cash Equivalents Security Name Rate Maturity Date Par Value Book Value Market Value Yield AMERICAN WATER CAPIT 1.00 07/01/2011 35,000,000 $ 35,000,000 $ 35,000,000 1.00 AMERICAN WATER CAPIT 1.00 07/05/2011 20,000,000 19,999,267 19,999,267 1.00 AMERICAN WATER CAPIT 0.00 07/07/2011 35,000,000 34,998,133 34,998,133 0.00 BMW US CAPITAL LLC 0.00 07/01/2011 52,000,000 52,000,000 52,000,000 0.00 BMW US CAPITAL LLC 1.00 07/06/2011 5,100,000 5,099,780 5,099,780 1.00 BMW US CAPITAL LLC 1.00 07/07/2011 20,000,000 19,998,967 19,998,967 1.00 BMW US CAPITAL LLC 1.00 07/08/2011 13,525,000 13,524,211 13,524,211 1.00 CASH COLLATERAL BARCLAYS BANK 0.07 12/31/1949 8,000,000 8,000,000 8,000,000 0.07 COLLATERAL CREDIT SUISSE 0.07 12/31/1949 16,400,000 16,400,000 16,400,000 0.07 COLLATERAL SOCIETE GENERALE 0.07 12/31/1949 35,650,000 35,650,000 35,650,000 0.07 COLLATERAL UBS AG 0.07 12/31/1949 6,550,000 6,550,000 6,550,000 0.07 COLLATERL JP MORGAN CHASE 0.07 12/31/1949 39,800,000 39,800,000 39,800,000 0.07 DEVON ENERGY CORP 0.00 07/01/2011 21,000,000 21,000,000 21,000,000 0.00 DOMINION RESOURCES 1.00 07/05/2011 20,000,000 19,999,289 19,999,289 1.00 ENBRIDGE ENERGY PRTNS 1.00 07/01/2011 17,840,000 17,840,000 17,840,000 1.00 ENBRIDGE ENERGY PRTNS 1.00 07/06/2011 25,000,000 24,998,924 24,998,924 1.00 ENBRIDGE ENERGY PRTNS 1.00 07/07/2011 16,750,000 16,749,100 16,749,100 1.00 GOLDMAN FUTURES CASH 1.00 12/31/1930 1,000 1,000 1,000 1.00 GREENWICH REPO 0.03 07/01/2011 65,900,000 65,900,000 65,900,000 0.03 KANSAS CITY PWR & LT 0.00 07/01/2011 50,000,000 50,000,000 50,000,000 0.00 KANSAS CITY PWR & LT 0.00 07/07/2011 10,000,000 9,999,483 9,999,483 0.00 KANSAS CITY PWR & LT 0.34 07/14/2011 30,000,000 29,996,317 29,996,317 0.34 MORGAN STANLEY REPO 0.04 07/05/2011 66,500,000 66,500,000 66,500,000 0.04 PACIFIC GAS & ELEC CO 1.00 07/01/2011 10,000,000 10,000,000 10,000,000 1.00 PACIFIC GAS & ELEC CO 1.00 07/06/2011 31,000,000 30,998,493 30,998,493 1.00 PACIFIC GAS & ELEC CO 0.34 07/11/2011 3,700,000 3,699,651 3,699,651 0.34 PACIFIC GAS & ELEC CO 1.00 07/11/2011 10,000,000 9,999,083 9,999,083 1.00 PACIFIC GAS & ELEC CO 1.00 07/12/2011 5,000,000 4,999,465 4,999,465 1.00 PACIFIC GAS & ELEC CO 0.34 07/14/2011 11,000,000 10,998,649 10,998,649 0.34 PROGRESS ENERGY INC 0.00 07/01/2011 49,200,000 49,200,000 49,200,000 0.00 PUB.SERV.CO.COLORADO 0.30 07/05/2011 10,000,000 9,999,667 9,999,667 0.30 PUB.SERV.CO.COLORADO 0.30 07/14/2011 5,000,000 4,999,440 4,999,440 0.30 PUBLIC SER ELEC & GA 1.00 07/11/2011 5,800,000 5,799,501 5,799,501 1.00 PUBLIC SER ELEC & GA 1.00 07/12/2011 20,000,000 19,998,167 19,998,167 1.00 PUBLIC SER ELEC & GA 1.00 07/14/2011 4,700,000 4,699,474 4,699,474 1.00 SAFEWAY INC 1.00 07/06/2011 15,000,000 14,999,313 14,999,313 1.00 SAFEWAY INC 1.00 07/15/2011 15,000,000 14,998,075 14,998,075 1.00 SAFEWAY INC 0.32 07/20/2011 15,000,000 14,997,388 14,997,388 0.32 SEMPRA ENERGY HOLDIN 0.00 07/01/2011 16,420,000 16,420,000 16,420,000 0.00 SEMPRA ENERGY HOLDIN 1.00 07/06/2011 10,000,000 9,999,556 9,999,556 1.00 SEMPRA ENERGY HOLDIN 1.00 07/13/2011 30,000,000 29,996,800 29,996,800 1.00 SMIF/PERS 5.05 12/31/1930 1,245,535,000 1,245,535,000 1,245,535,000 5.05 SOUTHERN PWR CO 0.30 07/11/2011 8,500,000 8,499,292 8,499,292 0.30 SPECTRA ENERGY CAPTL 0.29 07/01/2011 15,000,000 15,000,000 15,000,000 0.29 SPECTRA ENERGY CAPTL 0.31 07/05/2011 7,800,000 7,799,731 7,799,731 0.31 SPECTRA ENERGY CAPTL 1.00 07/05/2011 24,800,000 24,799,118 24,799,118 1.00 SPECTRA ENERGY CAPTL 1.00 07/06/2011 8,000,000 7,999,656 7,999,656 1.00 SPECTRA ENERGY CAPTL 1.00 07/11/2011 14,000,000 13,998,794 13,998,794 1.00 STIF CALPERS 0.19 12/31/2020 5,443,700,385 5,443,700,385 5,443,700,385 0.19 TREASURY BILL 0.02 08/25/2011 313,000 312,986 312,986 0.02 TREASURY BILL 0.18 08/11/2011 1,431,000 1,430,776 1,430,776 0.18 TREASURY BILL 0.16 09/01/2011 40,000 39,997 39,997 0.16 TREASURY BILL 0.14 09/08/2011 121,000 120,970 120,970 0.14 TREASURY BILL 0.05 09/15/2011 1,789,000 1,788,728 1,788,728 0.05 TREASURY BILL 0.30 07/28/2011 276,000 275,967 275,967 0.30 WI TREASURY SEC 0.18 08/18/2011 53,000 52,997 52,997 0.18 XCEL ENERGY INC 1.00 07/21/2011 5,100,000 5,099,122 5,099,122 1.00 Grand Total $ 7,653,260,710 $ 7,653,260,710 CalPERS 2010-2011 Annual Investment Report International Currency Security Name Par Value Book Value Market Value AUSTRALIAN DOLLAR 2,900,203 $ 3,088,144 $ 3,104,957 BRAZILIAN REAL 20,774,007 12,574,090 13,297,492 CANADIAN DOLLAR 19,053,281 19,629,102 19,742,286 CHILEAN PESO 260,775,478 552,596 556,558 COLOMBIAN PESO 9,871,036 5,516 5,568 CZECH KORUNA 8,025,187 456,451 478,181 DANISH KRONE 1,262,565 238,431 245,416 EGYPTIAN POUND 1,137,667 190,820 190,612 EURO CURRENCY 339,415,925 489,842,400 492,101,839 HONG KONG DOLLAR 25,856,454 3,321,725 3,322,918 HUNGARIAN FORINT 15,320,559 82,827 83,658 INDIAN RUPEE 245,916,353 5,485,345 5,501,177 INDONESIAN RUPIAH 13,270,515,149 1,544,371 1,547,492 ISRAELI SHEKEL 5,656,166 1,635,049 1,662,356 JAPANESE YEN 2,479,004,364 30,653,233 30,695,943 MALAYSIAN RINGGIT 2,385,338 784,323 789,978 MEXICAN PESO (NEW) 19,693,125 1,695,124 1,679,312 MOROCCAN DIRHAM 252,900 31,685 32,311 NEW TAIWAN DOLLAR
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