No. 2 U.S. pension fund CalSTRS choice as manager Hermes goods

Louis Vuitton cosmic blossom Board of the California State Teachers said he took Hermes Fund Managers of the two managing directors of raw materials, the first important step towards the realization of all approved three years ago as a hedge against inflation be . CalSTRS , the second largest U.S. pension fund with approximately $ 150 billion of assets as an allocation of $ 2.5 billion when he first studied a trip to the commodity markets in 2010. He finally settled on a portfolio of U.S. $ 150 million euro . Since then, he saw two managers to run the investment. "We have identified - Hermes , " CalSTRS spokesman Ricardo Duran said the news agency Reuters in an e -mail on Thursday . "We are not ready to announce a second manager ," he said , without elaborating . Hermes Fund Managers was not immediately available for comment. On its website, the company said it was the management of raw materials mandates for institutional investors since 2005 , and co - invests with clients. In July , Duran said that the plan of raw materials CalSTRS ' had slowly grown to tame in the last three years due to inflation. Louis Vuitton cluth "The political aim was to him as a hedge on inflation , and because inflation was at an acceptable level , the focus was on the lookout for good managers ," he said in an e -mail then . Inflation readings in the United States remained benign last two years, despite the aggressive monetary easing by the Federal Reserve to stimulate the economy, Thomson Reuters data showed . The prices of major commodities except oil declined since the end of 2010 , despite some hit records . CalSTRS is not the only pension funds have scaled back their plans for raw materials. The first U.S. pension plan, the system $ 260 billion California Public Employees' Retirement or from CalPERS , put most of its assets in commodities against inflation protected bonds last year after six years of poor yields for most. Some pension schemes have a more positive outlook for commodities . $ 42000000000 of pension Maryland approved an allocation of $ 50 million in June for a commodity hedge fund , the fifth such distribution in 18 months. Commodity CalSTRS portfolio " is part of a broader portfolio " of innovation and risk . " In March, the fund has the candidates for the positions of product manager prompted propose strategies for trading in derivatives products have a long bias and maximum short 40 percent of gross investment . Hermes, on their website, scored two strategies for products: The "Index Plus" , the long-only asset paris makes to rising commodity prices and the " absolute return" , which is neutral , the direction of the market. The Index Plus wants to outperform its benchmark, the S & P GSCI Light Energy Total Return Index S & P 3 percent per year . The absolute return strategy follows UBS Commodity Index Total Return and Dow Jones is compared to the U.S. Treasury bills 3 months. Louis Vuitton atheia