Orange County Register

Bloomberg News reports this investment change involving Newport Beach bond gurus Pimco …

The California Public Employees Retirement System, the largest U.S. public pension, is cutting by almost half what it invests in international and high-yield bonds managed by AllianceBernstein L.P. and Pacific Investment Management Co.

The California fund is lowering to $500 million from $978 million international bonds managed by AllianceBernstein and to $100 million from $200 million the funds Pimco invests as a U.S. high-yield bond manager, according to an agenda for a Calpers’ meeting Nov. 16.

Calpers said it will sell $8 billion of its fixed income assets during the next 12 months as part of a June decision to lower its allocation to bonds to 20 percent from 23 percent.

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