PORTFOLIO MANAGER

State of California; California (MO); Hybrid; USD 17,000 - 25,000; Full time

Benefits offered by this job

Hybrid work model

Relocation assistance

Job summary

CalSTRS Investments Branch is seeking a Portfolio Manager – Fixed Income Trading to execute and oversee fixed income trading across cash and derivatives. The role requires collaboration with PMs, senior management, and external stakeholders to execute strategies and share market color.

The ideal candidate will have strong investment knowledge, leadership experience, and excellent communication skills, with the ability to lead or support a large portfolio in a fast-paced environment.

Qualifications

• Knowledge of investment principles and practices.
• Experience leading or supporting a large portfolio.
• Excellent verbal/oral and written communication skills.
• Strong leadership, problem solving, presentation, and interpersonal skills.

Responsibilities

• Execute and oversee fixed income trading activity across cash and derivative instruments.
• Collaborate with Portfolio Managers and senior management to communicate market color and develop trade ideas.
• Provide guidance and support to direct reports and ensure compliance with investment policies.

Skills

Investment principles

Portfolio management

Communication skills

Leadership

Team collaboration

Job description

$16,667.00 - $25,000.00 per Month
New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.

Job Description and Duties

The starting salary for this position will be set competitively and commensurate with the candidate’s qualifications and experience. This position is eligible for incentive compensation and has a maximum incentive opportunity of 125% of base salary.

The CalSTRS Investments Branch is seeking an experienced individual to work as a Portfolio Manager (PM) in the Investments Services, Fixed Income Division.

Fixed Income division is dedicated to maximizing risk-adjusted total return within a multi-asset class portfolio. Fixed Income is managed internally and externally using lower-risk enhanced, and higher-risk active mandates that provide value through innovative/active strategies. These strategies incorporate fundamental and systematic factor-based methods of security selection and asset-allocation in order to generate returns that exceed benchmarks. The private credit team manages direct lending strategies across the U.S. and Europe in the lower, middle, and upper market segments. In addition, the team manages several strategies and programs that reside in other divisions or serve the total fund including Treasury Inflation Protected Securities (TIPS), Long Duration Treasuries, Cash Management, Reverse Repo execution, and Currency/FX management and execution services.

Under the general direction of the Senior Portfolio Manager, the Portfolio Manager – Fixed Income Trading is responsible for executing and overseeing fixed income trading activity across cash and derivative instruments and performs complex duties requiring a high degree of independence and discretionary judgment. This position collaborates closely with Portfolio Managers, senior management, and other internal and external stakeholders across asset classes to execute investment strategies, communicate market color, and develop trade ideas, and provides guidance and support to direct reports.

The ideal candidate will possess the following skills:

• Knowledge of investment principles and practices, investment types and markets.
• Experience leading or supporting a large portfolio.
• Ability to interpret quantitative and qualitative analysis and statistical measures.
• Excellent verbal/oral and written communication skills.
• Strong organizational skills, ability to set priorities, effectively manage multiple projects, and meet deadlines within challenging and strict time constraints.
• Strong leadership, problem solving, presentation, and interpersonal skills.
• Experience managing a diverse and broad range of staff.
• Ability to thrive in a fast-paced and high-pressure environment.
• Ability to work effectively as a team player and work collaboratively across teams.
• Experience working with external stakeholders.

An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), CertifiedCommercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or CharteredAlternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.

Relocation benefits may be available.

You will find additional information about the job in the Duty Statement.

Working Conditions

CalSTRS offers a hybrid approach including in-office and remote work solutions based on business needs.

All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.

Minimum Requirements

You will find the Minimum Requirements in the Class Specification.

• PORTFOLIO MANAGER

PORTFOLIO MANAGER $16,667.00 - $25,000.00 New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.

# of Positions:

1

Work Location:

Telework:

Hybrid

Job Type:

Permanent, Full Time

Department Information

CalSTRS: Securing the financial future and sustaining the trust of California’s educators CalSTRS is the largest educator-only pension fund in the world, providing retirement, disability and survivor benefits to California's more than 1 million public school educators and their families. The Investments Branch manages a portfolio that is broadly diversified into seven asset categories with assets totaling approximately $396.7 billion as of January31, 2026. In 2025, the CalSTRS Investments Branch was named one of the Best Places to Work in Money Management by the Pensions & Investments magazine for the eleventh time since 2013. CalSTRS is committed to setting best practice precedents, implementing innovative diversity and inclusion principles, motivating positive change, and advancing the worlds investment markets. We do this by establishing collaborative relationships across a vast network of investment managers, portfolio companies and industry associations in order to maximize returns and leverage opportunities for positive change. Our two U.S. Green Building LEED Platinum-certified headquarters buildings in West Sacramento, California, feature sustainable construction, abundant natural lighting, an organic garden, sustainable beekeeping and ergonomic functionally designed workspaces. We offer a variety of on-site amenities to our team members, including two full-service cafés, two free fitness centers, a bicycle rental library and a child care center with a covered playground. Team members enjoy walks along the Sacramento River and nearby seasonal farmers markets. In addition to our state-of-the-art amenities, we offer thriving wellness and sustainability programs, an award-winning employee recognition program, and ongoing training, learning and development opportunities. We offer competitive benefits, flexible work hours and hybrid work options. We are committed to creating a workplace where our team members thrive. If you’re looking for a rewarding career and are interested in becoming part of a diverse and inclusive workforce where talent, expertise and wellness are valued, we encourage you to find out more about our many career options at CalSTRS.com/Careers.

Special Requirements

Exam

This position requires a current Portfolio Manager examination. If you need to take the examination or if your score has expired, gain list eligibility. CalSTRS Personal Trading Program Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees’ personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS.

Background Investigation Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records.

CalSTRS Disclosure Requirements This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the Conflict of Interest Code that applies to CalSTRS team members and the Political Reform Act, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700).

Incompatible Activities This position is subject to the provisions of Government Code Section 19990. Upon accepting a position at CalSTRS, you will also be required to comply with the CalSTRS Incompatible Activities Policy by ensuring that outside work or activities are compatible and align with your professional activities or workplace obligations.

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.

Human Resources Contact: Executive and Investment Talent Management [phone] [e-mail]

Please direct requests for Reasonable Accommodations to the interview scheduler at the time the interview is being scheduled. You may direct any additional questions regarding Reasonable Accommodations or Equal Employment Opportunity for this position(s) to the Department's EEO Office.

EEO Contact: EEO Officer [phone] [e-mail]

California Relay Service: 1-800-735-2929 (TTY), 1-800-735-2922 (Voice) TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device.

The Human Resources Contact is available to answer questions regarding the position or application process.