Calpers Forfeited a $1 Billion Payday by Scrapping Market Hedge [Yahoo! Finance News]
Morgan Stanley (MS)
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Source: Yahoo! Finance News
) -- Three years ago, America’s largest pension fund made an unusual investment. It bought so-called tail-risk protection, a kind of insurance against financial catastrophe. In a market meltdown like the one sparked by the coronavirus, the strategy promised a massive payout -- more than $1 billion.If only the California Public Employees Retirement System had stuck with the plan. Instead, Calpers, as the fund is known, removed one of its two hedges against a bear market just weeks before the viral outbreak sent stocks reeling, according to people familiar with its decision.The timing couldn’t have been worse. The fund had incurred hundreds of millions of dollars in premium-like costs for those investments. Then it missed out on a bonanza when disaster finally struck.Softening the blow, Calpers held on to the second hedge long enough to make several hundred million dollars, one of the people said.Ben Meng, chief investment officer of Calpers, said the fund terminated the hedges because
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