High-Yield
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.
The retirement system will conduct searches for international small-cap equity, high-yield fixed-income and bank loan managers.
The plan made several changes to its manager watch list at a recent meeting.
The switch was made after a change in the incumbent firm’s ownership.
The search complies with standard state procurement laws.
The plan’s current high-yield managers are on watch for performance reasons.
The system will consider four high-yield fixed-income managers for possible inclusion within its portfolio after launching a search in the fourth quarter due to the termination of the incumbent due to personnel turnover and poor performance.
The pension plan hired the manager as part of a new domestic equity structure.