Equity
The plan’s global equity manager experienced recent underperformance.
The plan will receive replacement options at its Sept. 7 board meeting.
The plan will add three value managers to its international equity portfolio.
The fund is seeking a firm to provide passive equity exposure for a portfolio with minimal tracking error due to the contract expiration of its current provider.
The plan hired a new global equity manager to handle a $500 million mandate and added 13 other commitments last month.
The proposed fund liquidation would remove the value-tilt within the plan’s global equity portfolio.
The 529 plan added a domestic large-cap growth equity strategy to its watchlist last month because of underperformance compared to its benchmark for the quarter, one-, three- and five-year periods ending March 31.
The board hired a new domestic mid-cap growth equity manager following finalist interviews held last week.
The plan has replaced emerging markets equity manager Newton Investment Management, which it had been monitoring.
The foundation will search for impact investments after adopting an ESG-integrated and impact investment strategy to mitigate the negative impacts of climate change.