CalPERS

The world’s most transparent sovereign wealth and pension funds have returned “disappointing results” as the drop in bond and stock prices finally kneecapped a decade of growth.

In the past, institutional investors have been accused of being too trigger happy when it comes to manager underperformance. But a new study has found they actually find it hard to let go.

In less than 20 years there will likely be a trillion-dollar super fund. So how will it throw its awesome weight around? It might have been premature to label AustralianSuper our first mega-fund. After all, it gives little room to move when coming up with a descriptor for a fund that will someday manage $1…