Large-Cap
The search is due to performance concerns with the retirement system’s two incumbent large-cap value managers.
The foundation added a new passive large-cap equity fund to replace two active large-cap strategies within its portfolio to diversify traditional momentum strategies and reduce fees.
The retirement system terminated its global large-cap growth equity manager last month.
The search will be conducted to replace domestic large-cap value equity manager Hamlin Capital Management, which was terminated last month.
The retirement fund added domestic small-cap value and global low volatility equity managers to its watchlist in April.
The pension plan also made private debt and private equity commitments yesterday.
The search follows underperformance within the asset class.
The pension plan replaced a domestic large-cap value equity manager in the first quarter.
The changes aim to improve portfolio quality for the retirement system’s domestic equity sleeve with several terminations and hires.
The pension fund opted to go passive for a formerly active domestic large-cap growth equity mandate.
