Risk Parity
The termination comes after the plan reduced its risk parity allocation as part of a new policy approved in April.
The plan is also considering adding risk mitigating strategies.
The retirement fund terminated three managers at last month’s investment committee meeting.
The plan adopted a new asset allocation that also eliminated risk parity and more than doubled its hedge fund target this week.
The plan also terminated a bank loan manager at its March board meeting.
The pension plan’s outsourced cio recently hired two risk parity managers to replace the incumbent due to underperformance.
The plan placed the firm on watch last month for performance reasons.
The plan authorized two private equity fund-of-funds searches and terminated two managers within its diversified strategies portfolio as the result of a new asset allocation policy.
The plan will consider active core and core-plus fixed-income manager hires in May as a result of a new asset allocation that also eliminated its 2.5% risk parity target yesterday.
The plan disclosed $1.1 billion in total commitments with three new managers and ten existing managers in the fiscal first quarter.
