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ESTIMATE: Tobacco Ban Cost CalPERS Over $3.6 Billion in Potential Gains

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UPDATE: On December 19, 2016, the CalPERS investment committee, by a 9-3 vote, approved a motion to expand the ban on investing in tobacco-related stocks to more than US$ 500 million invested in externally managed funds. In addition, the committee decided to not vote on an investment staff resolution to reinvest money into tobacco-related stocks. Therefore, CalPERS has increased its ban on investing in tobacco investments. The new measure in effect may impact active equity managers for CalPERS.

At the moment, many public pensions across the United States are underfunded. Should public pensions restrict the universe of listed equities based on social criteria, knowing that it could impact the solvency of retirement funds?

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After a thorough analysis, in a recent investment committee meeting item, investment staff at the California Public Employees’ Retirement System (CalPERS), descriptively recommended exiting out of its tobacco investment ban. A decision will be made on December 19, 2016 on whether CalPERS will drop its ban on tobacco-related securities. Delicately, CalPERS staff detailed that they recognized that the social cost of tobacco is undeniable. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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