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☆ ISS says unions and pension funds should back Norfolk Southern activist investor
▼ + stars: | 2024-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.

Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock

☆ Have to look at banks exposed to weak office real estate market, says CalSTRS' Chris Ailman
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHave to look at banks exposed to weak office real estate market, says CalSTRS' Chris AilmanChris Ailman, California State Teachers Retirement Systems CIO, joins 'Squawk on the Street' to discuss if Ailman is positioning for weakness in the economy, what's happening with CalSTRS real estate portfolio, and more.

Persons: CalSTRS, Chris Ailman Chris Ailman Locations: California

☆ Activist Impactive sees an opportunity to build value with an ESG tilt at Concentrix
▼ + stars: | 2023-10-28 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Concentrix provides technology-infused customer experience (CX) solutions and runs customer service for 2,000 customers globally. They are the second largest outsourced CX company globally and provide CX process optimization, technology innovation, front- and back-office automation, analytics and business transformation services. Activist Commentary: Impactive Capital is an activist hedge fund founded in 2018 by Lauren Taylor Wolfe and Christian Alejandro Asmar. Impactive Capital is an active ESG (AESG) investor that launched with a $250 million investment from CalSTRS and now has almost $3 billion. Concentrix, the second-largest outsourced CX company globally, is a high-quality business.

Persons: Lauren Taylor Wolfe, Christian Alejandro Asmar, Wolfe, Asmar, Impactive, Concentrix, Ken Squire Organizations: CX, Impactive, Concentrix, 13D Locations: Impactive, CalSTRS, Asia, Caribbean, United States

☆ Two U.S. funds to vote Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - The U.S. funds CalSTRS and New York City Comptroller said on Thursday they would vote in favour of the outgoing board's slate of nominees for the new Mediobanca board at the bank's annual meeting this month. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro ahead of the Oct. 28 meeting. The two funds did not disclose their stakes in Mediobanca. Proxy adviser Institutional Shareholder Services (ISS), Glass Lewis and Pensions & Investment Research Consultants (PIRC) said last week they were recommending Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Glass Lewis, Gianluca Semeraro, Keith Weir Organizations: MILAN, New York, Services, Pensions & Investment Research Consultants, Thomson Locations: U.S, New, Mediobanca, Italian

☆ You can make a decent return in fixed income, says CalSTRS' Chris Ailman
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou can make a decent return in fixed income, says CalSTRS' Chris AilmanChris Ailman, California State Teachers Retirement Systems CIO, joins 'Squawk on the Street' to discuss Ailman's appetite for equities, whether it's more attractive to lock in longer-term rates in today's market, and more.

Persons: CalSTRS, Chris Ailman Chris Ailman Locations: California

☆ AI has boosted the stock market, says CalSTRS' Chris Ailman
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI has boosted the stock market, says CalSTRS' Chris AilmanChris Ailman, California State Teachers' Retirement System CIO, joins 'Squawk on the Street' to discuss his take on the Federal Reserve's upcoming meeting, the officer's sense of what the Federal Reserve should do, and the private credit market.

Persons: CalSTRS, Chris Ailman Chris Ailman Organizations: California State Teachers, Federal Locations: California

☆ The Fed will likely pause after next week, there's still a 50-50 recession chance: CalSTRS' Ailman
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will likely pause after next week, there's still a 50-50 recession chance: CalSTRS' AilmanChris Ailman, CalSTRS CIO, joins 'Closing Bell Overtime' to talk the investing environment, the Fed's next move with rate hikes and the chance of a recession.

Persons: there's, Chris Ailman Organizations: CalSTRS

TOKYO, June 13 (Reuters) - Toyota (7203.T) faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying. Two prominent U.S. proxy advisers have flagged concern about Toyota's board independence. The step comes as companies across Japan face more pressure from investors, especially on environmental, social and governance (ESG) issues. The strong financial performance has meant concerns about board independence have largely been shrugged off, said Kazunori Suzuki of Waseda Business School. He enjoys strong support from individual investors and the many suppliers and Toyota group companies among its shareholders.

Persons: Akio Toyoda, Toyoda, Kentaro Shibata, Kazunori Suzuki, Anders Schelde, Denmark's, AkademikerPension, AkademikerPension's Schelde, Nicholas Benes, Benes, that's, Makiko Yamazaki, Maki Shiraki, Daniel Leussink, David Dolan, William Mallard, Clarence Fernandez Organizations: Toyota, Nikkei, Waseda Business School, Tokyo, Exchange, Services, International Paralympic Committee, Sumitomo Mitsui Financial Group, Training, of Japan, Nissan, Honda, Reuters, Thomson Locations: TOKYO, New York, Japan, Toyota

☆ Pension funds pushing into venture capital as big investors eye a return to tech
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPension funds pushing into venture capital as big investors eye a return to techCNBC's Deirdre Bosa sits down with Christopher Ailman, Calstrs CIO, join 'Power Lunch' to discuss pension funds being pushed into venture capitalists.

Persons: Deirdre Bosa, Christopher Ailman Organizations: Calstrs CIO

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

☆ Impactive takes a stake in Clarivate and sets the tone for activism in the post-SPAC world
▼ + stars: | 2023-05-06 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

Business: Clarivate is a global information, analytics and workflow solutions company. Activist Commentary: Impactive Capital is an activist hedge fund founded in 2018 by Lauren Taylor Wolfe and Christian Alejandro Asmar. Impactive Capital is an active ESG (AESG) investor that launched with a $250 million investment from CalSTRS and now has over $2.5 billion. Impactive focuses on positive systemic change to help build more competitive, sustainable businesses for the long run. As with many SPAC companies, there were valuation, corporate governance and compensation incentive concerns at Clarivate.

☆ Watch CNBC's full interview with Calstrs's Chris Ailman and Texas teachers' pension chief Jase Auby
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Calstrs's Chris Ailman and Texas teachers' pension chief Jase AubyChris Ailman, CIO of Calstrs, and Jase Auby, CIO of Teacher Retirement System of Texas, join 'Last Call' to discuss the state of the U.S. economy, a possible recession, the Fed's next move, and the state of commercials real estate.

☆ Fed could pull off soft landing but it's 'not going to feel good', says Calstrs' Chris Ailman
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed could pull off soft landing but it's 'not going to feel good', says Calstrs' Chris AilmanChris Ailman, CIO of Calstrs, and Jase Auby, CIO of Teacher Retirement System of Texas, join 'Last Call' to discuss the state of the U.S. economy, a possible recession, and the Fed's next move as we countdown to the upcoming FOMC meeting.

☆ Banks aren't the only ones that hold risky commercial-real-estate debt. Pension funds are about to feel the pain, too.
▼ + stars: | 2023-04-24 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Pension funds, REITs, and insurers hold more than $1.2 trillion in commercial-real-estate debt. CalSTRS, a California pension fund, told the FT it will be writing down its real-estate portfolio. Among them are the large pension funds, REITs, and insurance companies, together accounting for more than $1.2 trillion — or 22% — of the $5.62 trillion in total commercial-real-estate debt outstanding, according to BofA Global Research. Some pension funds were already planning to reduce their exposures to commercial real estate even before the recent bank failures magnified the risks. In September, fund managers at Artemis Real Estate Partners and PGIM Real Estate said at a Bisnow conference that their investors indicated they'd be reducing allocations to real estate, just because the assets had been outperforming others.

☆ $70 billion Los Angeles retirement plan says higher rates may 'change everything' and portfolio moves are coming
▼ + stars: | 2023-04-19 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

A year into the most significant period of Federal Reserve rate hikes in decades, you might think investors had already cemented their investment portfolio strategies for a higher interest rate world. According to LACERA's 2022 annual report, its investments were split between roughly $24 billion in public equities, $19 billion in bonds, $13 billion in private equity, $6 billion in real estate, $4 billion in hedge funds and $1 billion in real assets. Last year was the first in the prior three fiscal years that the pension fund's investment portfolio lost money. By contrast, investment returns of 25.2% in 2021 were far ahead of the 7% percent, which LACERA attributed to the strong performance from global equity and private equity assets. A shift to more fixed income among top investors will flow through to the "whole economy," Grabel said.

☆ CalSTRS CIO Christopher Ailman on where the equity market is headed
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalSTRS CIO Christopher Ailman on where the equity market is headedCALSTRS CIO Christopher Ailman discusses the equity markets, the potential for a global recession, and investment opportunities.

☆ Investment strategy will involve risk analysis of all international factors, CalSTRS CEO says
▼ + stars: | 2022-12-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestment strategy will involve risk analysis of all international factors, CalSTRS CEO saysCassandra Lichnock, CEO of CalSTRS (the California State Teachers' Retirement System), discusses its shareholders and how it is negotiating global challenges as an institutional investor.

☆ Impactive Capital takes an unprecedented step to seek change at Envestnet. This is what could happen next
▼ + stars: | 2022-11-19 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

Activist Commentary: Impactive Capital is an activist hedge fund founded in 2018 by Lauren Taylor Wolfe and Christian Alejandro Asmar. Impactive wants board representation to get Envestnet to better align pay for performance, refocus on capital allocation and bolster long-term shareholder value. Anyone with any understanding of Impactive, Envestnet's performance and the incumbent board would know that Impactive is sure to get at least one board seat in a proxy fight. Impactive offered one of eight with no incumbent losing a board seat. Squire is also the creator of the AESG™ investment category, an activist investment style focused on improving ESG practices of portfolio companies.

WILMINGTON, Del, Nov 11 (Reuters) - Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. Next week, the Tesla (TSLA.O) chief executive is set to square off in court against an unlikely foe - a thrash metal drummer who hopes to strip Musk of his $56 billion pay. Tornetta sued Musk and the Tesla board on behalf of the company in what is known as a shareholder derivative lawsuit. The pay package was widely criticized and California's teachers retirement system known as CalSTRS was among the investors who voted against it. The disputed pay package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing.

☆ Ailman: We're in for a long, tough recession with earnings likely coming down this quarter
▼ + stars: | 2022-10-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAilman: We're in for a long, tough recession with earnings likely coming down this quarterChristopher Ailman, Chief Investment Officer at CalSTRS, joins Worldwide Exchange to discuss markets, rising inflation, and central bank policy.

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