Domestic Equity
Plan staff intends to bring minimum qualifications in its domestic small-cap value equity manager search to the board next month.
The incumbent manager is currently on watch for performance reasons.
The pension plan hired a new domestic small-cap value equity manager to replace an underperforming incumbent last week.
The plan will seed a new strategy headed by a former senior managing director.
The search follows underperformance within the asset class.
The plan is replacing an existing equity manager and making its first private equity investment since 2019.
The pension plan replaced a domestic large-cap value equity manager in the first quarter.
The domestic small-cap equity manager’s returns ranked below its peer group median and the strategy had low tracking error relative to the peer group.
The changes aim to improve portfolio quality for the retirement system’s domestic equity sleeve with several terminations and hires.
The pension fund opted to go passive for a formerly active domestic large-cap growth equity mandate.
