Asset Study/Review
The university revised the investment policy for its short-term investment pool, broadening the investment guidelines to allow more flexibility to invest in short maturity, higher yielding U.S. government bonds and increasing the amount of commercial paper that can be held.
The university added a U.S. Treasury strategy after its investment consultant conducted a search to fill a maiden 5% target approved in the first quarter.
The fund will conduct searches for a U.S. large-cap growth equity manager and a global equity manager with a tilt toward either core or value stocks after approving a new asset allocation at its May board meeting.
The plan will discuss potential real estate and infrastructure allocations at its August board meeting after opting to redeem from its core real estate manager yesterday.
The plan amended its five-year asset allocation plan to include a maiden target to tactical opportunities and approved three pacing plans in alternatives asset classes last week.
The university is helping devise an ESG-related investment policy for its affiliated foundation, as the institution weighs a pivot toward illiquid strategies within its endowment in June.
The university is considering adding a U.S. Treasury bond strategy to two of its portfolios after creating a maiden 5% target to Treasuries in both portfolios last quarter.
The fund decided not to take any watchlist action on one of its fixed-income managers despite the announced retirements of three senior members at the firm.
The fund removed a multi-asset class manager from watch as concerns surrounding organizational changes have subsided, while two firms saw their own watch status extended through February 2024.
The fund expects to receive an education on portfolio leverage and portable alpha strategies this month before it reviews its strategic asset allocation this summer and restructuring its real estate portfolio later in the third quarter.