Equity
The healthcare system redeemed domestic large-cap equity and emerging markets equity allocations and reallocated the proceeds with existing equity managers in its portfolio at the recommendation of its general investment consultant in the first quarter.
The foundation is looking to add diverse-owned managers, of which currently has four, to its portfolio along with regionally focused investments.
The plan invested $4.3 million with a new manager in the asset class in the fourth quarter.
The cio of the employee-owned active equity manager will depart next year as part of a planned retirement and responsibilities will be assigned across the firm during the transition period.
The pension plan approved new structures for its infrastructure, non-U.S. equity and real estate portfolios last week.
The new manager will handle approximately $450 million.
The pension plan hired an all-cap core equity manager to handle two mandates within its international equity portfolio yesterday.
The plan’s upcoming search will not include its incumbents.
The board has been preparing to conduct the searches as it works toward a new asset allocation approved in 2021.
Market enthusiasm generated by the rapid development of new artificial intelligence products has may signal innovation and growth in the long term, though some of that enthusiasm may have led the markets to overvalue some public equity stocks or venture funds in the short-term, according to an outsourced cio.