I would think so. I don't think pension funds are always exactly smart money. They have lot of pressure to make numbers work so they are after anything that sounds reasonably like it will make them work. And that can work until it does not.
Pension funds, banks, etc, are never smart money. They aren’t allowed to be.
They are required to pick based on some defined formula which the various stakeholders signed off on, and hence are prime juicy targets for people trying to game systems.
They also took the ‘08 mortgage crisis right in the shorts, for the same reasons.
This is why all defined benefit pension funds should be eliminated and replaced with defined contribution plans. Pensions are far too systemically risky for employees, employers, and taxpayers alike. The only one who really benefits are the fund managers who get to collect large fees.
Reading the replies, my next question is: How much of say, CALPERS [0], is invested in "AGI by next 2030" or similar. If it's far less than 1%, that seems like a fair bet. Does anyone have a good read on the real number?
