Domestic Equity
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.
The retirement board was also expected to hire a new manager in its domestic small- to mid-cap growth equity manager search.
The pension fund will review potential alternative domestic small-cap equity managers in November.
The plan also terminated two underperforming domestic equity managers.
The deferred compensation plan terminated an underperforming domestic large-cap value equity manager in the second quarter.