Asset Study/Review
The university approved a new investment policy statement for its endowment in the first quarter that includes a list of prohibited investments that do not align with its long-term risk, liquidity and governance framework.
The fund is looking to put dry powder to work in the debt asset class to capitalize on recent volatility.
The university has placed a global equity manager on ‘hold’ due to portfolio manager departures and another global equity manager on ‘watch’ due to performance concerns.
The retirement system’s sole REIT manager handles $17 million.
The fund added an international equity large-cap equity manager to watch status in the fourth quarter as the strategy had underperformed the MSCI EAFE Index for the trailing quarter, one-, two-, three- and five-year periods.
The university is reviewing its discretionary investment consultant relationship and investment strategy as part of its standard due diligence practices.
A state trust fund is considering a recommendation from its consultant to diversify its public credit portfolio in one of its funds.
The plan also added a new 6% target to private credit.
The new asset allocation also eliminated the plan’s hedge funds portfolio.
The retirement system also approved new target allocations for its public equity managers at today’s investment committee meeting.
