Large-Cap
The plan hired a domestic large-cap value equity manager to replace an all-cap value manager at its May 17 board meeting.
The manager has underperformed its Russell 1000 Growth Index.
The plan had moved to a fully passive large-cap allocation in 2020 but general investment consultant Meketa Investment Group sees an opportunity for concentrated active managers.
Selected international large-cap growth equity manager will handle between $1 billion and $2 billion and the U.S. REIT manager will manage between $100 million and $200 million.
The plan also made several adjustments to its traditional growth portfolio at its meeting last week.
Investors favoring value investing do not need to only focus on small-cap stocks to access the value premium via long-only portfolios, new academic research finds.
The searches will go live on May 2.
Plan is keeping its domestic large-cap core manager following an RFP issued last year due to the firm’s performance.
The searches are issued due to standard state procurement laws.
Manager has been on watch since September due to underperformance.
