Domestic Equity
The board hired domestic and international all-cap equity managers last quarter.
The system is seeking small-cap strategies as part of a U.S. public equity manager RFQ launched this month.
The retirement fund hires a new short-term fixed-income manager in September.
The termination stems from asset outflows and underperformance.
Nonprofit investors and allocators are tempering expectations for their portfolios in 2026 as they prepare for more moderate returns resulting from increased volatility and heightened valuations along with persistent macroeconomic and geopolitical uncertainties.
The incumbent domestic small-cap growth equity manager had been on watch due to personnel changes and underperformance.
The retirement system terminated a domestic large-cap core equity manager earlier this month.
The decision followed finalist interviews with two firms at last month’s board meeting.
The firm launched an actively managed, high-conviction equity portfolio as it recognized the need for a diversified mix of energy sources to meet rising demand.
The firm has underperformed its benchmark for the quarter as well as the one- and three-year time periods.