Equity
The pension plan also made private debt and private equity commitments yesterday.
The pension plan hired a new domestic small-cap value equity manager to replace an underperforming incumbent last week.
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 international small-cap growth equity manager underperformed and experienced asset outflows as well as organizational changes.
The pension fund may receive a recommendation on more specialized managers in the asset class later this summer.
The pension plan replaced a domestic large-cap value equity manager in the first quarter.
The pension system made its first traditional private equity buyout commitments in years at today’s board meeting.
The domestic small-cap equity manager’s returns ranked below its peer group median and the strategy had low tracking error relative to the peer group.
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 pension fund hired two firms to replace a previously terminated underperforming manager.
