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The California Public Employees' Retirement System, the nation's largest pension fund, says it is ditching its hedge fund program to reduce costs and complexity in its investment portfolio.
As part of the move, CalPERS will exit 24 hedge funds and six hedge fund-of-funds that are part of its Absolute Return Strategies (ARS) program -- investments that are valued at around $4 billion.
"We are always examining the portfolio to ensure that we are efficiently and cost-effectively achieving our risk-adjusted return goals," said Ted Eliopoulos, CalPERS interim chief investment officer. "Hedge funds are certainly a viable strategy for some, but at the end of the day, when judged against their complexity, cost, and the lack of ability to scale at CalPERS' size, the ARS program doesn't merit a continued role."