Domestic Equity
The pension plan hired a new domestic small- to mid-cap value equity manager and made commitments totaling $980.4 million in June.
The searches come as the plan looks to increase the amount of active management in its global equity and U.S. small- to mid-cap equity portfolios.
Nonprofits stand to gain from the increases in efficiencies and profitability that AI technologies have brought large-cap companies, as long as they balance their portfolios and have a long-term view.
The retirement system was scheduled to interview three finalists in a domestic small- to mid-cap equity search at last month’s board meeting.
The plan’s investment consultant recommended the termination due to the firm’s underperformance.
The pension plan hired two equity managers and replaced its existing money market manager in the second quarter.
The pension plan’s investment committee approved four commitments totaling $275 million last week.
The retirement system hired a new manager to replace BlackRock last month.
The pension plan will consider potentially replacing its domestic small- to mid-cap core equity manager, which has underperformed.
The program expects to conclude its domestic all-cap equity index manager search at a special board meeting this month.