Fixed-Income
The plan invested $500 million each with two core fixed-income managers at today’s board meeting.
The foundation is eyeing more impact investments this year as it also reviews its fixed-income allocations.
The switch was made after a change in the incumbent firm’s ownership.
The deferred compensation plan will consider replacing its domestic core-plus fixed-income manager this week due to underperformance.
The plan was slated to interview managers in late 2023 following approval of a new target asset allocation.
The plan’s incumbent managers were first hired in 2016.
The deferred compensation plan terminated its TIPS manager following a diversified inflation strategies search report in November.
The pension plan will review its domestic core fixed-income manager search at an April 26 board meeting and selected a new executive director last month.
The search complies with standard state procurement laws.
The plan is seeking an intermediate fixed-income manager within its stable value fund investment option.