Domestic Equity
The search follows underperformance within the asset class.
The plan is replacing an existing equity manager and making its first private equity investment since 2019.
The pension plan replaced a domestic large-cap value equity manager in the first quarter.
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 opted to go passive for a formerly active domestic large-cap growth equity mandate.
The plan launched a search earlier this year to replace an active domestic mid-cap core equity manager.
The retirement system also approved new target allocations for its public equity managers at today’s investment committee meeting.
The pension fund also trimmed an underperforming manager’s mandate by 30%.
The plan will interview three firms in a domestic small-cap value equity manager search next month.
