Bad Timing on Ending Tail Risk Hedge for CalPERS

Posted on 04/15/2020

In 2017, the California Public Employees’ Retirement System (CalPERS) hired Miami-based Universa Investments and Newport Beach, California-based LongTail Alpha for the tail risk program. These expensive hedges act as insurance against severe market downturns. CalPERS had these two hedge fund managers that were set against bear markets, as the public pension decided to embrace more […]

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