Mid-Cap
The 529 plan added a domestic mid-cap value equity strategy and swapped responsible equity investments at a meeting last month.
The pension plan has replaced its domestic mid-cap growth equity manager due to underperformance.
The plan also hired a new domestic large-cap value equity manager in the first quarter.
The plan will look to identify potential replacements for its current international value equity manager.
The retirement system made a change due to the incumbent’s portfolio turnover and subsequent strategy deviation.
The plan’s domestic mid-cap value equity manager had been on watch due to underperformance.
The plan approved the search at a board meeting earlier this week.
The plan approved launching a mid-cap index search for compliance reasons.
The pushback on diversity, equity and inclusion by the federal government, which plans to investigate whether DEI initiatives at several large universities and foundations are illegal, alongside several state governments has left some nonprofit institutions questioning their mission.
The retirement fund will fully redeem its active domestic mid-cap value equity mandate due to underperformance.