Passive Equity
The trust may have transitioned its two active international equity investments to a passive non-U.S. core index fund.
The pension plan also made a private equity commitment for pacing purposes last month.
The plan’s investment consultant recommended hiring specialized managers for its non-U.S. equity portfolio.
The plan will fund a new passive manager by redeeming an active one within its international equity portfolio.
The retirement system recently replaced its domestic large-cap value equity manager due to underperformance.
The retirement system shifted its active domestic large-cap growth equity mandate to an existing index fund investment.
The retirement fund was scheduled to review its international equity portfolio and a consultant RFP at this week’s board meeting.
The plan also approved $25 billion in passive investments with a firm as well as private equity commitments at today’s meeting.
The plan also recently concluded its non-U.S. equity manager searches.
The plan also terminated a high-yield fixed-income manager in the first quarter.
