Equity
The plan voted to consolidate its global equity portfolio to three managers from four at an investment committee meeting today.
The search is due to performance concerns with the retirement system’s two incumbent large-cap value managers.
The plan also approved $25 billion in passive investments with a firm as well as private equity commitments at today’s meeting.
The plan interviewed three finalists in closed session at yesterday’s board meeting.
The plan also recently concluded its non-U.S. equity manager searches.
The plan also terminated a high-yield fixed-income manager in the first quarter.
The deferred compensation plan replaced its underperforming domestic small-cap growth equity manager in the first quarter.
The plan is looking for providers for its approximately $85 billion index portfolio.
The retirement system will look to hire three emerging markets equity managers later this month amid a portfolio restructuring.
The foundation added a new passive large-cap equity fund to replace two active large-cap strategies within its portfolio to diversify traditional momentum strategies and reduce fees.
