What about the investment case for tobacco going forward-is tobacco a good investment for the future? Exhibit

What about the investment case for tobacco going forward-is tobacco a good investment for the future?

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Exhibit 2 Divestment as an ESG Tool: CalPERS and Tobacco Stocks (A) Investment Portfolio as of June 30, 2016 Allocation and Market Value by Asset Class Current Interim Allocation Strategic Actual Investment (%) Target (%) (billions) Growth 60.8% 54.0% $ 179.5 Public equity 51.9% 46.0% $ 153.1 Private equity 8.9% 8.0% $ 26.4 Income 20.3% 20.0% $ 59.9 Real assets 10.8% 13.0% $ 31.8 Real estate 9.3% 11.0% $ 27.3 Forestland 0.7% 1.0% $ 2.0 Infrastructure 0.9% 1.0% $ 2.6 Liquidity 1.5% 4.0% $ 4.5 Inflation 6.0% 9.0% $ 17.8 Trust level 0.5% N/A $ 1.6 Total fund 100% 100% $ 295.1 Exhibit 2 Divestment as an ESG Tool: CalPERS and Tobacco Stocks (A) Investment Portfolio as of June 30, 2016 Allocation and Market Value by Asset Class Current Interim Allocation Strategic Actual Investment (%) Target (%) (billions) Growth 60.8% 54.0% $ 179.5 Public equity 51.9% 46.0% $ 153.1 Private equity 8.9% 8.0% $ 26.4 Income 20.3% 20.0% $ 59.9 Real assets 10.8% 13.0% $ 31.8 Real estate 9.3% 11.0% $ 27.3 Forestland 0.7% 1.0% $ 2.0 Infrastructure 0.9% 1.0% $ 2.6 Liquidity 1.5% 4.0% $ 4.5 Inflation 6.0% 9.0% $ 17.8 Trust level 0.5% N/A $ 1.6 Total fund 100% 100% $ 295.1