Calpers, the largest US public pension fund, has endorsed commodities as a safeguard against inflation despite recent moves to pull money from the asset class. The $255bn fund chopped commodities investments by more than half late last year, prompting reports it was retreating from the market.
But in a rare interview, Andrew Karsh, portfolio manager for fixed income and commodities at Calpers, said the fund’s shift from commodities to inflation-linked bonds may be shortlived and did not reflect a change of strategy………………………………………..Full Article: Source