Bulle boursière: les fonds de pension sur la touche

The following are the world’s 10 largest pension funds as
ranked in September by Pensions & Investments and Watson Wyatt Worldwide.
The right column shows their equity target allocation and whether they have cut or left it unchanged.

1. Government Pension Investment Japan Held at 20%
2. Government Pension Norway Held at 60%
3. ABP Netherlands Cut to 29% from 32%
4. California Public Employees U.S. Cut to 49% from 56%
5. National Pension Korea Cut to 15% from 17%@
6. Federal Retirement Thrift U.S. #
7. California State Teachers U.S. Cut *
8. New York State Common U.S. Held at 51%
9. Local Government Officials Japan Held at 25%
10. Florida State Board Held at 56%

@ Domestic equities.
# Doesn’t maintain a target.
* Calstrs said on July 21 that it had shifted 10% from global
equities and would adopt a new asset allocation mix to further diversify the portfolio and reduce its stake in stocks.

Bloomberg (Pension Funds Pare Stocks, Ignoring Economic Rebound) fait souvent du bon travail. En voici un exemple, dont Budi recopie la conclusion. Les très grands fonds de pension semblent échaudés par leurs pertes récentes. Summers, Bernanke et consorts vont devoir se démener pour soutenir la bulle boursière qu'ils tentent frénétiquement de gonfler.