CalPERS上半年减持"七巨头"26%转投私募股权：称公开市场估值过高且过度集中
萨克拉门托——据《金融时报》10 月 23 日报道，全美最大的公共养老基金——加州公务员退休基金（CalPERS）今年上半年将其直接持有的"七巨头"科技股削减了 26%，把对 7 家公司的集中敞口分散到数百家公司，并加仓私募股权。
CalPERS 副首席投资官安东·奥利希在接受《金融时报》专访时表示，该基金"把对 7 家公司的大额敞口换成了对数百家公司的敞口，以分散股票风险"。据 FT 依据监管文件测算，减持涉及苹果、微软、Alphabet、亚马逊、英伟达、Meta 与特斯拉 7 只股票。截至 6 月 30 日，CalPERS 管理资产总计 6,371 亿美元。
奥利希说，公开股票市场的估值偏高且集中在少数几只可能跑输大盘的股票上，而私营公司的定价更具吸引力，若公开市场最终下跌，私募股权有助于保护 CalPERS。在人工智能支出狂潮引发"AI 泡沫"争论的当下，这家巨型机构投资者的转向被视为一个标志性信号。（GSM 据《金融时报》报道，经 Seeking Alpha 等转述）
CalPERS Cuts Magnificent Seven Holdings by 26% in First Half, Pivoting to Private Equity
SACRAMENTO — The California Public Employees' Retirement System (CalPERS), the largest public pension fund in the United States, cut its direct holdings across the Magnificent Seven tech stocks by 26% in the first half of 2026, trading concentrated exposure to seven companies for stakes in several hundred firms and shifting toward private equity, the Financial Times reported on October 23.
Deputy Chief Investment Officer Anton Orlich told the Financial Times in an interview that the fund had "traded large exposure to seven companies for several hundred firms to diversify equity risk." According to the FT's calculations based on regulatory filings, the reduction covered Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. CalPERS' assets totaled $637.1 billion as of June 30.
Orlich said valuations in public equity markets were high and concentrated in a few stocks that could underperform, while private companies' pricing was more attractive and could help protect CalPERS if public markets eventually fell. The pivot by the giant institutional investor is being read as a landmark signal amid the raging debate over an "AI bubble" fueled by the artificial-intelligence spending boom. (GSM, from Financial Times reporting via Seeking Alpha and others)
来源：GSM·美国（原文链接）
图片来源：加州议会大厦（萨克拉门托，资料图）。照片：Andre m，CC BY-SA 3.0，经 Wikimedia Commons。 / California State Capitol, Sacramento (file photo). Photo: Andre m, CC BY-SA 3.0, via Wikimedia Commons.
