CalPERS (and other funds) often takes heat for “shareholder activism” associated with its ESG and corporate governance policies. I don’t see it this way. I see a fund searching for ways to extend its time horizon (in an increasingly short-term environment), align interests (in a market where intermediation seems more and more unaligned), and price a broader array of risks into investment decision-making (that aren’t being picked up by MPT or CAPM). And that sounds sensible to me.