High-Yield
The RFPs are a result of a new asset allocation approved in May.
The authority also hired a total of six new managers within its global equity and fixed-income portfolios as part of an asset allocation policy approved in February.
The plan approved adding a dedicated high-yield component earlier this year.
The plan will also receive an update in its ongoing domestic small-cap core equity and global fixed-income manager searches next week.
The plan launched two manager searches after approving a new asset allocation last month.
The search is a result of a new asset allocation.
The plan’s current manager was first hired in 2017.
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.
The board was notified of a recent domestic high-yield fixed-income manager hire for two of its investment plans.
The pension plan will conduct a search for its in-state private markets program and also recently hired a high-yield fixed-income manager.
