International / Global / Emerging Markets
The pension plan also made private debt and private equity commitments yesterday.
The university has placed a global equity manager on ‘hold’ due to portfolio manager departures and another global equity manager on ‘watch’ due to performance concerns.
The international small-cap growth equity manager underperformed and experienced asset outflows as well as organizational changes.
The pension fund may receive a recommendation on more specialized managers in the asset class later this summer.
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.
