Small-Cap
The plan also made two private equity commitments at its board meeting today.
Plan staff intends to bring minimum qualifications in its domestic small-cap value equity manager search to the board next month.
The incumbent manager is currently on watch for performance reasons.
The pension plan hired a new domestic small-cap value equity manager to replace an underperforming incumbent last week.
The international small-cap growth equity manager underperformed and experienced asset outflows as well as organizational changes.
The plan is replacing an existing equity manager and making its first private equity investment since 2019.
The domestic small-cap equity manager’s returns ranked below its peer group median and the strategy had low tracking error relative to the peer group.
The changes aim to improve portfolio quality for the retirement system’s domestic equity sleeve with several terminations and hires.
The pension fund hired two firms to replace a previously terminated underperforming manager.
The pension fund also trimmed an underperforming manager’s mandate by 30%.
