The California State Teachers’ Retirement System (CalSTRS) has a very unique problem. The nation’s second largest public pension fund can’t figure out where to put its $183.3 billion in assets.

“We’re trying to find a better opportunity and there isn’t much,” says Chief Investment Officer Christopher Ailman. “We’re slowly continuing to invest in real estate which we think will have a decent return for the next year or two. We’re looking at Europe to see if now is the right time to get back in and trying to figure whether Japan is a good investment or not.”

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CalSTRS has been attempting to rebalance and pull away from U.S. equities because of what Ailman describes as a “seesaw year” but is having difficulty finding anywhere else to go.

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“The markets started the year fairly valued and on a historic basis the PE ratio is about where it should be," he says. "Corporate earnings are strong and the biggest issue is you don’t want to fight the Fed but “it just feels like [markets] started the year tired.”

Markets don’t look so hot when a fund with over $100 billion in assets is scouring the globe and still can’t find a place to put its money.

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