Passive Fixed-Income
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.
The plan may conduct a search to replace its passive core fixed-income manager next year following an asset allocation study.
The plan hopes to receive additional response to a new RFP.
The plan will fund the allocation from its intermediate bond manager.
The searches are being conducted to comply with state procurement laws.
The plan is looking to fill a 5% target to liquid real assets within its OPEB portfolio approved over the summer.
The selected firm will manage a Russell 1000 Growth Index mandate at least initially.
The plan, which eliminated target allocations and terminated a manager within its stable value fixed-income option today, will see its executive director depart on Dec. 2.
CPERA completed its fixed-income unitization project, which will reduce investment management fees for participants of its defined contribution plans.
The board terminated three domestic fixed-income strategies, which handled $1.2 billion total across its three plans.