High-Yield
The university approved adding a new manager to its endowment to handle a high-yield bond mandate through partial redemptions of two domestic large-cap equity managers.
The search is to potentially replace an incumbent manager due to performance concerns.
The searches follow establishment of new sub-asset class targets of 11% to broad fixed-income and 3% to high-yield within its overall fixed-income target earlier this year.
The university will consider adding a new manager to its endowment to handle a high-yield bond mandate through partial redemptions of two domestic large-cap equity managers.
The proposed portfolio structure would result in searches for core, credit, U.S. Treasury, emerging market debt, securitized products and bank loans.
The searches are part of an implementation plan for its newly increased target allocation to yield-driven strategies.
The searches are part of an implementation plan following approval of a new asset allocation in May.
The plan concluded its investment consultant and private investment consultant searches that began last year, retaining its general consultant and hiring a new private investment consultant.
The plan will hire one additional firm in its multi-credit asset class search.
The plan is seeking one or more managers to handle a portion of its short-duration pool.
