Calpers Hunts for Battered Stocks as Pension Loses Billions

The largest US public pension is searching for undervalued stocks it can scoop up amid a tariff-fueled downturn that has erased billions from its market value.

The California Public Employees’ Retirement System isn’t “immune to these market challenges,” which will likely affect its annual investment returns due next month, according to Calpers Chief Investment Officer Stephen Gilmore.

“On the upside, market volatility can present opportunities to buy assets that may be oversold relative to their real value,” Gilmore said in a statement. “Those purchases can boost our portfolio in the years to come.”

The pension has lost about $25 ...