Stephen Gilmore
Chief Investment Officer of CalPERS and former senior strategist and CIO at major sovereign wealth funds, experienced in implementing the Total Portfolio Approach and institutional portfolio strategy.
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Feb 9, 2026 • 58min
Stephen Gilmore – CalPERS' Total Portfolio Approach (EP.486)
Stephen Gilmore, CalPERS Chief Investment Officer and former sovereign fund CIO, discusses the Total Portfolio Approach and how it reshapes portfolio construction. He explains moving from siloed asset targets to a reference portfolio, risk-equivalent comparisons across assets, funding new investments by selling combinations of equities and bonds, governance shifts, data and systems needs, and how scale shapes active risk and manager access.
