High-Yield
A California plan agreed to initiate a real estate search following approval of a new asset allocation policy yesterday.
The plan concluded its high-yield fixed-income manager search and disclosed up to $555 million in private equity commitments at its board of investments meeting this week.
A Northwestern pension plan hired an absolute return bond manager to replace its terminated mandate with hedge fund-of-funds manager Castine Capital Management at yesterday’s board meeting.
Infrastructure represents a new asset class while the high-yield search is due to procurement rules.
A fund in the South revised its investment policy statement to allow staff to internally invest a portion of its fixed-income allocation in BB-rated securities at a meeting last month.
A Midwestern plan made several changes to its equity and fixed-income portfolios as part of its transition to a new long-term asset allocation policy.
The transaction is expected to close in the second quarter.
The plan created a maiden high-yield fixed-income allocation as part of a new target asset allocation.
Nonprofit investors are expecting positive but muted returns from the equity and bond markets in 2021 after their portfolios generated solid performance in a year that upended global financial markets and saw unprecedented volatility.
A Western-based 529 plan added three strategies to its watchlist at its board meeting due to underperformance.
