International / Global / Emerging Markets
The fund added an international equity large-cap equity manager to watch status in the fourth quarter as the strategy had underperformed the MSCI EAFE Index for the trailing quarter, one-, two-, three- and five-year periods.
The pension fund hired two firms to replace a previously terminated underperforming manager.
The retirement system also approved new target allocations for its public equity managers at today’s investment committee meeting.
The firm will manage separate mandates for the city’s pension plan and OPEB Trust.
Emerging markets equities have increasingly ignited interest for institutional investors in recent months and while commitments slowed in March due in part to geopolitical issues and what the industry views as short-term volatility, these investments remain beneficial to portfolios.
The plan terminated two managers as part of a non-U.S. equity structure study.
The fund approved the addition of a new international equity manager in April to complete its search for a core manager from 2025.
The plan was scheduled to consider RFPs for international and domestic small- to mid-cap growth equities this month.
The retirement system also made two private equity commitments last month.
The system approved removing a diversifying strategies investment and adding a public equity investment with a new manager within its endowment and liquidity pools this month.
