Calpers cuts holdings in the Big Tech Seven by 26% in the first half of the year, shifting to private equity

on October 26, according to CoinDesk citing the Financial Times (FT), the California Public Employees' Retirement System (CalPERS), which manages over $600 billion in assets and ranks as the world's fifth-largest pension fund, will reduce its direct holdings of the "Magnificent Seven" tech stocks by a combined 26% in the first half of 2026 (calculated by the FT based on regulatory filings). CalPERS Deputy Chief Investment Officer Anton Orlich stated that public market stock valuations are elevated, tech giants may underperform other investments, and the fund is increasing its private equity allocation to diversify investments and reduce reliance on a few stock market leaders.