Domestic Equity
The retirement fund placed three underperforming investment managers on watch in September.
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The university also liquidated fixed-income and equity strategies to fund endowment spending and university advancement payouts.
The university has added to its investments with a domestic large-cap equity and multi-strategy hedge fund manager since September.
The plan is also expected to reduce positions in U.S. small-cap and explore enhanced indexing as parts of an overall global equity portfolio roadmap discussed last week.
The retirement system replaced one of its domestic large-cap value equity managers due to concerns about succession planning.
The plan’s investment committee and general investment consultant recommended a manager change following a search presentation earlier in the year.
The plan terminated a domestic large-cap growth equity manager last month.
The retirement system will conduct searches for domestic and global fixed-income and domestic and emerging markets equity managers.
The plan will invest 2.5% each into value and growth strategies.