Domestic Equity
The retirement fund also disclosed commitments totaling roughly $1.7 billion in June.
The plan’s incumbent domestic small- to mid-cap core equity manager had been gradually underperforming the benchmark.
The hire concludes a replacement search conducted by the retirement system’s general investment consultant in February.
The retirement plan recently terminated two underperforming domestic equity managers.
The plan also retained two incumbent managers in its large-cap search.
The retirement board rehired its incumbent in 2019 following a similar search.
The plan’s general investment consultant recently recommended a review of domestic large-cap value equity managers due to the incumbent’s underperformance.
The trust funded the hires through the termination of two existing large-cap equity managers.
The plan replaced two domestic large-cap managers and consolidated its small-cap portfolio into a small- to mid-cap core allocation.
The pension fund swapped out an active large-cap value equity mandate for a passive one in the second quarter.