California lawmakers turned to the state’s two giant pension systems to punish Russia when the countryinvaded Ukraine in February, urging the funds to sell off Russian holdings. Four months later, theCalifornia Public Employees’ Retirement System still holds all of its public and private investments in Russia. Worth $765 million at the start of the invasion, they’re now valued at less than $195 million, according to figures the system provided last week. Russia shut down its stock market Feb. 25, the day after it invaded, making it impossible for international investors to sell public equities…
