Domestic Equity
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
New equity portfolio structure both increases the domestic large-cap allocation and shifts it totally to passive investment.
Decision follows a partial acquisition of the incumbent firm that has left its equity team with $800 million in assets under management.
The plan added a core strategy to diversify its existing domestic large-cap equity portfolio consisting of value and growth managers.
The plan approved commitments to two existing managers.
The new manager replaced the plan’s incumbent small-cap value manager due to an acquisition.
The plan approved a consultant recommendation to replace its domestic large-cap growth equity manager last quarter.
The plans were slated to receive an ESG manager search book this week and made several changes to their passive equity portfolio last month.
The hire concludes the plan’s search to replace Allspring Global Investments, which was terminated last year due to underperformance.
The plan added $15 million in follow-on commitments across two funds in March.
