Fixed-Income
The plan hired a new core fixed-income manager in March to replace an underperforming core-plus incumbent.
The fund has added fixed-income, bank loan, international equity and private equity investments to its endowment in recent months as it builds toward a new strategic asset allocation adopted in the first quarter.
The new actively managed high yield bond exchange-traded fund aims to maximize current income with a secondary goal of capital appreciation and the strategy will invest at least 80% of its net assets in U.S.-dollar-denominated high-yield corporate bonds.
The state trust has revised the asset allocation for its reserve pool, increasing its target toward fixed-income at the expense of equities.
The plan awarded more than $3 billion to international equity and credit managers.
The pension is seeking an additional core fixed-income manager to handle up to $775 million.
The county is seeking a manager to handle a portion of a recent cash settlement.
The board added an international bond fund option to one of its retirement plans over two other strategies.
The board was notified of a recent domestic high-yield fixed-income manager hire for two of its investment plans.
The system approved private equity commitments with new and existing managers within its endowment and the addition of a short-duration fixed-income manager within its liquidity pool at its investment committee meeting this month.