Equity
A college savings plan based in a Southern state has hired an equity manager within its portfolio.
The plan terminated an approximately $799 million emerging markets equity mandate and made commitments with four existing managers and one new manager in September.
The search is to replace an underperforming incumbent manager.
The plan is searching potential replacement for its current domestic large-cap growth equity manager.
The search follows a recent portfolio manager departure from its incumbent manager.
The foundation has added a private equity strategy and an active global equity fund as part of its commitment to achieve net-zero carbon emissions across its endowment.
The university approved private equity, private real assets and public equity investments with new and existing managers within its endowment and liquidity pools.
The foundation added an investment in a global equity strategy focused on environmental sustainability, marking the first institutional investor commitment for the fund.
The termination follows a recent downgrade from the plan’s investment consultant.
Many nonprofit investors, investment advisors and managers agree that an active equity strategy that can invest in China is the key to capturing returns above U.S. equities.