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图表11CalPERS《总基金投资政策》的历史变化
图表11CalPERS《总基金投资政策》的历史变化
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图片格式:PNG
图片大小:377KB
图片尺寸:2281*1290
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
所属报告:
全球公共养老金行业研究系列(五):美国CalPERS资产负债管理的平衡术-250125(45页).pdf
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图表12CalPERS部分投资与财务相关报告
fCAyMDIyLTIzIEFubnVhbCBDb21wcmVoZW5zaXZlIEZpbmFuY2lhbCBSZXBvcnQgfCAyMDIyLTIzIEFubnVhbCBJbnZlc3RtZW50IFJlcG9ydCB8IEJBU0lDIEZJTkFOQ0lBTCBTVEFURU1FTlRTIHwgVHJ1c3QgTGV2ZWwgUmV2aWV3IHwgRW1lcmdpbmcgTWFuYWdlciBGaXZlLVllYXIgUGxhbiB8IENhbFBFUlMgRWNvbm9taWMgSW1wYWN0cyBpbiBDYWxpZm9ybmlhIHwgMjAyMi0yNyBTdHJhdGVnaWMgUGxhbiB8IEdsb2JhbCBQdWJsaWMgRXF1aXR5IEFubnVhbCBQcm9ncmFtIFJldmlldyB8IENhbFBFUlMgU3VzdGFpbmFibGUgSW52ZXN0bWVudHMgMjAzMCBTdHJhdGVneSB8CnwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwKfCB8IHwgfCBBcyBvZiBNYXJjaCAzMSwgMjAyNCB8IHwgfCB8IFNlcHRlbWJlciAxOCwgMjAyMyB8IE5vdmVtYmVyIEJvYXJkIE1lZXRpbmcgfAoK6LWE5paZ5p2l5rqQ77yaQ2FsUEVSU+WumOe9ke+8jOW5s+WuieivgeWIuOeglOeptuaJgA==
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2025-02-06
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图表23CalPERS投资加权平均有效久期(年)
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2025-02-05
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图表10CalPERS2022-2027年战略目标
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2025-02-05
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图表15CalPERS当前所处的ALM周期及其时间安排(2023-2026)
fCAyMDIzIHwgMjAyNCB8IDIwMjUgfCAyMDI2IHwKfCAtLS0gfCAtLS0gfCAtLS0gfCAtLS0gfAp8IDfmnIgvUEVSRiB8IDEx5pyIL1BFUkYgfCAz5pyIL1BFUkYgfCA35pyIL1BFUkYgfAp8IOaVmeiCsuS8muiuru+8mkFMTea1geeoi+OAgeahhuaetuWSjOS4reacn+WuoeafpSB8IEFMTeS4reacn+Wuoeafpe+8muaImOeVpei1hOS6p+mFjee9ruWSjOebruWJjeeahOW4guWcuuaDheWGtSB8IEFMTeS4reacn+Wuoeafpe+8muaImOeVpei1hOS6p+mFjee9riB8IOaImOeVpei1hOS6p+mFjee9rueUn+aViOaXpeacnyB8CnwgMuaciC9QRVJGIHwgNuaciC/pmYTlsZ7ln7rph5EgfCAz5pyIL+mZhOWxnuWfuumHkSB8IDnmnIgvUEVSRiB8Cnwg5pWZ6IKy5Lya6K6u77yaQUxN55CG5b+15ZKM5qGG5p62QUxN5pe26Ze057q/IHwgQUxN5Lit5pyf5a6h5p+l77ya5oiY55Wl6LWE5Lqn6YWN572u5ZKM5biC5Zy65YGH6K6+IHwg6ZmE5bGe5Z+66YeR5oiY55Wl6LWE5Lqn6YWN572u55qE5pyA57uI5om55YeGIHwg6LWE5pys5biC5Zy65YGH6K6+IHwKfCDnu4/mtY7lgYforr4gfCAxMeaciC9QRVJG5ZKM6ZmE5bGe5Z+66YeRIHwg6K6o6K6656Gu5a6a6LS0546w546H55qE5YCZ6YCJ5oqV6LWE57uE5ZCIIHwg6K6o6K665bim5pyJ5ouf6K6u6LS0546w546H55qE5YCZ6YCJ5oqV6LWE57uE5ZCIIHwKfCDnu4/pqoznoJTnqbbnu5PmnpwgfCDmiJjnlaXotYTkuqfphY3nva7nmoTmnIDnu4jmibnlh4YgfCDpmYTlsZ7ln7rph5HnmoTotYTmnKzluILlnLrlgYforr4gfCDmipXotYTln7rph5Hpo47pmanor4TkvLAgfAp8IOihoemHj+WfuumHkeeahOmjjumZqeaJv+WPl+iDveWKmyB8ICB8ICB8ICB8CgrotYTmlpnmnaXmupDvvJpDYWxQRVJT5a6Y572R77yM5bmz5a6J6K+B5Yi456CU56m25omA
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2025-02-05
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图表532023财年CalPERS同类型基金收益率情况
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2025-02-05
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表14,灰色线)。CalPERS贴现率的最近一次调整是在2021年7月,由于其在2020-21财年实现了21.3%的投资回报,
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2025-02-05
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除投资政策之外,《政策》中还明确规定了各层次工作人员在投资过程中的报告责任。其中,投资办公室工作人员需要每年向投资委员会提供每类资产的年度计划审查,其中包括计划概述,投资审查和业务审查;一般养老金顾问和私募类资产委员会投资顾问,则需要报告风险管理和资产配置计划的有效性,与政策相关基准的情况,监控、评估和报告各类资产的项目执行情况,报告投资组合的表现等。同时,《政策》还明确了五类工作人员的投资相关责任,包括投资委员会、投资办公室工作人员、精算办公室工作人员、一般养老金顾问和私募类资产委员会投资顾问,明确规定了其对于总基金状况、资产配置、风险管理、全球衍生品和交易对手风险、撤资、杠杆等方面的应当履行的职责。
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全球公共养老金行业研究系列(五):美国CalPERS资产负债管理的平衡术-250125(45页).pdf
2026年美国公共养老金行业报告:资产负债管理框架,ESG投资与千亿气候行动
表14,灰色线)。CalPERS贴现率的最近一次调整是在2021年7月,由于其在2020-21财年实现了21.3%的投资回报,
图表9CalPERS的组织架构
图表7PERF资产规模及增长情况
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