Fixed-Income
The plan is looking to invest $10 million each with private equity and opportunistic fixed-income managers.
The plan is considering adding core and core-plus fixed-income managers to its portfolio.
There are no immediate plans to allocate funds to the manager but it will be an option for future use if needed.
A portfolio manager overseeing several bond funds and another manager overseeing the global asset manager’s quantitative solutions team are set to retire next year.
The global asset manager has hired three portfolio managers to help launch two emerging market debt strategies later this year.
The plan’s current manager was first hired in 2017.
The deferred compensation plan hired four fixed-income managers to handle a total of $2.75 billion.
The plan hired a new core fixed-income manager in March to replace an underperforming core-plus incumbent.
The fund has added fixed-income, bank loan, international equity and private equity investments to its endowment in recent months as it builds toward a new strategic asset allocation adopted in the first quarter.
The new actively managed high yield bond exchange-traded fund aims to maximize current income with a secondary goal of capital appreciation and the strategy will invest at least 80% of its net assets in U.S.-dollar-denominated high-yield corporate bonds.