Equity
The institution revised its strategic asset allocation last year, increasing its allocation toward growth assets like public equity and private equity.
The manager was placed on watch last year for underperformance.
The pension plan will consider potentially replacing its international small-cap core equity manager due to underperformance.
The deferred compensation plan recently made several changes to both its equity and fixed-income portfolios.
Somerset had been in advanced talks to transfer its top performing funds to a new investment advisor.
The pension plan liquidated an approximately $237 million global equity mandate and made commitments totaling $1.4 billion in October.
The plan’s current manager is on watch for performance reasons.
The plan will also issue RFPs for global fixed-income and domestic small-cap core equity managers.
The plan currently has two international small-cap equity managers.
The university has revised the investment policy statement for its investment portfolio, shifting its asset allocation toward domestic large-cap equities.