[Calpers to Reduce Holdings in the Big Seven Tech Companies by 26% in First Half of Year, Shifting Towards Private Equity] According to a report by CoinDesk citing the Financial Times (FT) on October 26, Calpers, the California Public Employees Retirement Fund (Calpers), the world's fifth-largest pension fund with over $600 billion in assets under management, will reduce its direct holdings in the "Big Seven" tech companies by a total of 26% in the first half of 2026 (FT calculations based on regulatory filings). Calpers' Deputy Chief Investment Officer, Anton Orlich, stated that public market stock valuations are high, and tech giants may underperform other investments. The fund is increasing its private equity allocation to diversify its investments and reduce its reliance on a few market leaders.