Asset Study/Review
The new asset allocation includes slight increases to several portfolios.
The fund approved a revision to its investment policy statement to lift its prohibition of privately placed securities as requested by one its international large-cap equity managers and recommended by its general investment consultant.
The fund is expected to notify one of its managers of its placement on the state’s initial list of 13 financial institutions that are banned from state contracts due to their boycotts of fossil fuel companies or failure to reply to a questionnaire.
The university will transition to a new core investment menu in early June for its defined contribution plan, 403(b) plan and student employee retirement plans with a sole administrator handling oversight.
The healthcare system selected a new consultant to oversee its operating and pension funds following a search from last year and the firm will conduct an asset allocation study in its first year of engagement.
The university updated the 2023 fiscal year investment policy targets for its endowment, increasing its targets to private equity and absolute return.
The program approved changing an underlying emerging market det fund within its lineup due to outperformance and its investment consultant’s bias toward active management in the less efficient asset class.
The university revised the investment policy for its short-term investment pool, broadening the investment guidelines to allow more flexibility to invest in short maturity, higher yielding U.S. government bonds and increasing the amount of commercial paper that can be held.
The university added a U.S. Treasury strategy after its investment consultant conducted a search to fill a maiden 5% target approved in the first quarter.
The fund will conduct searches for a U.S. large-cap growth equity manager and a global equity manager with a tilt toward either core or value stocks after approving a new asset allocation at its May board meeting.