Domestic Equity
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.
The retirement system also eliminated its target allocation to multi-asset class solutions last month.
The search is to potentially augment or replace existing portfolio allocations.
The retirement fund terminated two equity managers and disclosed commitments totaling $1.7 billion in August.
The deferred compensation plan replaced its domestic small-cap growth and international large-cap value equity managers last month.