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图表44PERF债券资产市值及其占比
图表44PERF债券资产市值及其占比
行业数据
下载Excel
下载图片
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图片属性
图片格式:PNG
图片大小:84KB
图片尺寸:1084*871
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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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相关数据
PLATFORMX-PERF0RMANCEDASHB0ARD:Q42023DEMO
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行业数据
2026-04-27
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图表48PERF实物资产投资规模及其占比
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行业数据
2025-02-06
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图表16PERF战略资产配置目标及范围
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行业数据
2025-02-06
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图表7PERF资产规模及增长情况
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行业数据
2025-02-05
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图表42PERF海外股票投资币种分布情况
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行业数据
2025-02-05
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图表38PERF国外资产的币种结构
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2025-02-05
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图表47PERF私募股权国际投资币种结构
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图表41PERF国内外公开市场股权投资情况
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图表46PERF国内外私募股权投资情况变化
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图表6PERF历年支出分项(亿美元)
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2025-02-05
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图表5PERF历年收入分项(亿美元)
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图表39PERF的长期历史资产配置情况(1961-2019)
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2025-02-05
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图表27PERF净资产规模变化(1997-2024)
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2025-02-05
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图表29PERF各年度投资回报率(2001-2024)
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2025-02-05
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近年来,PERF 的债券资产配置占比相对稳定,投资组合中政府债比重整体呈下降趋势,倾向于投资信用较好的公司债。从总量上看,债券资产规模整体呈上升态势,自 2006 财年至 2012 财年基本稳定在 500 亿美元左右,此后震荡上升,截至2024 财年已达到 1663.8 亿美元;债券资产在总资产中占比较为稳定,基本位于 20-30%之间,近两年小幅攀升,自 2022财年至 2024 财年从 26.7%升至29.9%。从类别结构上看,PERF 的投资组合中政府债比重整体呈下降趋势,倾向于投资信用较好的公司债。PERF 债券资产主要配置于包含本国政府债、外国政府债的政府债,以及包含抵押借款、公司债、资产支持证券的信用债,其中 PERF 配置占比较高的是公司债、本国政府债以及抵押借款。PERF 对各类债券的配置趋势变化较为明确:其一,政府债配置先增后减。2012 财年前,PERF 大幅增持本国政府债,在 2015 财年后本国政府债比重整体呈下降趋势,近年来稳定在 20%左右;外国政府债配置顶点位于 2017 财年,此后配置占比略有下降。其二,信用债配置先减后增,倾向于投资信用较好的公司债。PERF 对公司债的配置占比在 2006-2017 财年呈下降态势,在 2017-2020 财年有所回升,此后占比基本稳定在 40%左右;抵押借款、资产支持证券占比变化趋势与之相似,均呈现先减后增态势。
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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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