Domestic Equity
The plan completed a domestic small- to mid-cap value equity manager search launched in the fourth quarter.
The plan transferred the assets to an existing Standard & Poor’s 500 Index mandate last week.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
New equity portfolio structure both increases the domestic large-cap allocation and shifts it totally to passive investment.
Decision follows a partial acquisition of the incumbent firm that has left its equity team with $800 million in assets under management.
The plan added a core strategy to diversify its existing domestic large-cap equity portfolio consisting of value and growth managers.
The plan approved commitments to two existing managers.
The new manager replaced the plan’s incumbent small-cap value manager due to an acquisition.
The plan approved a consultant recommendation to replace its domestic large-cap growth equity manager last quarter.
The plans were slated to receive an ESG manager search book this week and made several changes to their passive equity portfolio last month.