How do stock exchange ownership disclosures work?
If the pension puts money in an Asset Managers mutual fund, then the stocks within that Mutual Fund (Microsoft or Exxon, for example) will list Vanguard (Vanguard Wellington Fund) as an owner. If, on the other hand, the Pension hires Wellington Management directly to buy stocks for them, then Exxon and Microsoft will list California Public Employees Pension Fund as an owner. Hope this helps.