Equity
The plan interviewed a total of four finalists at a board meeting yesterday.
Performance of the largest endowments generally trailed that of their smaller counterparts for the second year in a row due to a lack of exposure to the U.S. equity markets and large technology companies, according to new research from an investment consultant.
The plan hired a new international equity manager at its meeting last week.
The plan interviewed three finalists in a replacement search last week.
The plan has also terminated an underperforming international equity manager.
Investors and allocators approached 2024 with an optimistic outlook, anticipating that inflation had peaked and would continue to reverse course, and they were rewarded as the Federal Reserve cut rates and equity and bond returns ended up firmly in the green. The year ahead, however, leaves investors with questions on how to navigate a market where valuations appear full and few assets appear cheap.
The firm has promoted two team members as managing directors on its healthcare and investor relations teams.
The retirement system transitioned its passive domestic equity mandates with BlackRock to active management in the third quarter.
The plan named three finalists to replace its current international growth equity manager.
The plan has selected four firms for further due diligence and evaluation.
