Cash/Currency
The university has allocated approximately $15 million to a passive strategy that invests in the Bitcoin digital asset.
The pension plan hired two equity managers and replaced its existing money market manager in the second quarter.
2023 was supposed to be a down year for foundations and endowments with a potentially recessionary environment, however, equity and bond returns came out in the green, thanks in part to strong fourth quarters, leaving investors and allocators with a more optimistic outlook for their portfolios entering 2024.
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 approved adding a currency overlay manager and a venture capital strategy to its long-term portfolio last week.
The institution approved venture capital commitments to a firm that marks a new relationship and terminated a hedge fund manager for liquidity purposes and being overweight its targets to the strategies.
The university will consider adding a currency overlay manager to take active positions in currencies and a venture capital strategy this week after increasing its target to the asset class in late 2022.
The plan’s former executive director has retired.
The university wrapped up its fixed-income manager search from the third quarter by rehiring the incumbent firm.
The relative strength of the U.S. dollar in recent months has industry experts feeling it is an opportune time for some institutions to expose their portfolios to currency hedging.