Domestic Equity
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.
The plan’s initial priority will be to conduct a global core/value equity strategy search to compare with an existing investment manager.
The plan will consider replacing a domestic large-cap equity fund on watch status and approving a new asset allocation for its portfolio at its December board meeting.
The retirement system will interview three finalists at its February investment committee meeting.
The pension system hired a new manager after closed session deliberations at a meeting this week.
The retirement system will consider replacing its active domestic mid-cap growth equity manager.
