Under the current approach, CalPERS allocates a certain amount of money to each bucket and managers of those assets try to maximize returns.
—
William Melhado,
Sacbee.com,
11 Nov. 2025
To make the calculations, Bloomberg used earnings yields as a proxy for equity returns; the gap between borrowing rates in yen and Swiss francs and similar-maturity investment yields in dollars to estimate the carry; and bond indexes that capture a range of maturities for yields on government debt.
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