WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
Securities Lending Program Management Team: Glenn Hosokawa, CFA, Acting Co-Director of Fixed Income and Portfolio Manager; Roy Clothier, CFA, Program Analyst; John Perez, Cash Collateral Portfolio Manager; Debra Ng, CFA, Trader/Analyst
The Securities Lending Program performed well during 2013 by earning over $95 million. The program has averaged over $104 million in earnings over the past four years. Program earnings continue to be a steady source of incremental income, generating over $1.26 billion for CalSTRS since its inception in 1988, adding, on average, over four basis points annually to the CalSTRS portfolio.
The Securities Lending Program, which was established in 1988, represents CalSTRS’ first non-core investment program. It was designed to enable the Teachers’ Retirement Fund to use its existing asset base and investment expertise to generate a steady source of incremental income, adding over four basis points to the entire fund on a regular basis over the long-term.
By policy, the program objective for the CalSTRS Securities Lending Program is to assist the fund in meeting its investment goals by generating incremental income through collateralized, low-risk, short-term loans using a portion of the lendable assets within the portfolio.
The cash collateral portfolio managers are responsible for investing the cash taken as collateral from loans of securities. Each of the portfolios are diversified among different asset classes based upon investment guidelines developed by CalSTRS and emphasizes safety of principal and adequate liquidity.
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