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Public equity team reports outperformance in 2023–24, portfolio diversification and new construction framework
Summary
The board’s public equity team reported that it outperformed global benchmarks in 2023 and 2024 with more-diversified positioning, raised nearly $2 billion in liquidity from equities in 2024, reduced direct China exposure and implemented a new portfolio-construction framework that emphasizes security selection and decomposes tracking error.
The San Francisco Retirement Board’s public equity team presented its annual review on May 14, 2025, reporting outperformance versus the MSCI All Country World Index in 2023 and 2024, a programmatic reduction of direct China exposure, and a new portfolio-construction framework designed to increase the role of idiosyncratic (stock) selection in driving returns.
Presenters said the public equity portfolio represented about 29% of plan assets at the end of 2024. The team reported the public equity portfolio returned 16.8% in calendar year 2024 versus a 16.4% return for its benchmark; the team emphasized that the outperformance occurred while holding lower relative exposure to the market’s most concentrated positions. The presenters noted the MSCI All Country World Index’s top 10 holdings comprised more than 21% of that benchmark in 2024 while the plan’s top-10 exposure was roughly 16.7%.
The team described several substantive portfolio changes and the motivation behind them: - Reduced direct onshore China (A-share)…
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