Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Investments topic
No spam. Unsubscribe anytime.
CalPERS investment committee keeps Tesla holdings unchanged after review; Kevin Paly elected committee chair
Summary
The Investment Committee reported March discussions including a closed-session review of CalPERS’ Tesla holdings; after the review the committee agreed to make no changes at this time and asked staff for more stakeholder communications and an economic scenario analysis. Kevin Paly was elected committee chair.
SACRAMENTO — The CalPERS Investment Committee, meeting March 16–17, elected Kevin Paly chair and David Miller vice chair and reviewed several policy items, including a closed-session discussion of the fund’s ownership of Tesla stock.
Committee chair Kevin Paly said the staff presented analysis that prompted extensive discussion about Tesla’s role in the global equity portfolio. "While we are unable to provide specifics regarding the discussion, we can note that the company has been one of the top 10 drivers of performance in our global equity portfolio and is a key holding for our climate transition portfolio," Paly said. "After our close session discussion, we collectively agreed to make no changes at this time."
The committee directed staff to provide additional communications to stakeholders about the holding and to produce an economic scenario and sensitivity analysis for further consideration. Other agenda items included first- and second‑reading policy reviews (total‑fund policy and asset‑liability management), affiliate funds recommendations, and annual program reviews for private equity, private debt and real assets.
No immediate changes to the portfolio were announced at the meeting; the committee scheduled follow-up work for its June meeting in Sacramento.
