Passive Fixed-Income
The plan replaced its passive TIPS mandate with BlackRock and committed to a new credit manager last month.
The university added a passive, long-term fixed-income strategy within its endowment in the fourth quarter in response to the rise in bond rates.
The changes will harmonize the investment grade fixed-income portfolios between the board’s three investment plans.
The search is being conducted to enhance returns and minimize fees.
The plan conducted a similar search in 2021 that did result in any hires.
The plan expects to conclude the search process in the third quarter.
The search will be launched in the coming weeks as one of the plan’s 2023 initiatives.
The plan expects to issue the RFP later this month and make a selection in the third quarter.
The plan has begun a search seeking passive investment management services.
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.