Fixed-Income
The plan now has two high-yield fixed-income managers on watch.
The plan is searching for a manager to handle a portfolio of PBGC Special Financial Assistance assets.
The search is open to separate accounts, commingled funds and mutual funds.
The foundation amended its asset allocation policy, removing its allocation to special purpose acquisition company assets, and added several commitments within its endowment during its second quarter investment committee meeting.
The fund expects to hear a recommendation to fully redeem a short-duration fixed-income investment in its operating pool and redeploy the assets among existing managers within its long-term pool.
The plan terminated an opportunistic mandate for performance reasons last week.
The plan hired an additional fixed-income manager at its first September board meeting.
The hire concludes the pension plan’s search for a core-plus fixed-income manager to handle between $130 million and $150 million.
The pension plan recently committed $275 million total to two funds and terminated existing convertibles and real estate debt strategies.
The plan has named three firms for further due diligence and on-site visits in its search.