The Universal Owner — June 10: The biggest US pension deletes the rulebook

On July 1, CalPERS retires strategic asset allocation and runs nearly $600 billion against a single 75/25 reference portfolio — the first US pension to adopt the total portfolio approach. We cover the switch, the staff-pay vote that decides whether it works, the private-credit split it's meant to settle, and whether the model's contested 1.3–1.8% outperformance edge is real. Full brief and sources: https://www.universalassetowners.com