In his bimonthly report to the board’s Investment Committee, CIO Scott Chan announced that Josh Diedesch has been promoted to director of the Total Fund Management Division.

In this role, Diedesch will help to build out CalSTRS asset allocation risk and balance sheet management to support the one-fund approach. He will also lead the Asset Liability Management Study, which is conducted every four years to evaluate strategic asset allocation. The next ALM will be presented to the board in 2027.

The CalSTRS one‑fund approach is an investment framework that manages the entire portfolio as one unified system—enhancing flexibility, diversification, liquidity, and long‑term resiliency by integrating decision‑making across all asset classes.

By viewing the portfolio as a single system, CalSTRS can rebalance more dynamically, respond to market conditions quickly, and maintain a resilient, globally diversified portfolio.

Diedesch joined CalSTRS in 2004 as an Investments intern. Before becoming an investment director, Diedesch served as senior portfolio manager in total fund management; portfolio manager in Investment Strategy and Risk; and investment officer in Fixed Income.