Tide may be turning for tobacco as CalPERS reveals its 2001 divestment is finally making money

After years of underperformance, pension heavyweight’s tobacco exclusion has brought in $856m, according to latest review

Californian public pension giant CalPERS has made $856m through its exclusion of tobacco since 2017, amounting to about 0.2% of the $389bn fund’s current assets, according to the latest analysis by investment consultant Wilshire Associates.

Wilshire’s latest annual review of CalPE…

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