Fixed-Income
The Santa Monica, Calif.-based outsourced cio firm is overweight on asset classes that capitalize on a strong U.S. economy buoyed by strong economic and consumer activity.
The plan is looking to increase its core exposure in light of rising interest rates.
The plan is monitoring the firm due to senior fixed-income leadership transition.
The university approved adding a new manager to its endowment to handle a high-yield bond mandate through partial redemptions of two domestic large-cap equity managers.
The search is to potentially replace an incumbent manager due to performance concerns.
The plan is required to go out to bid every seven years.
The searches follow establishment of new sub-asset class targets of 11% to broad fixed-income and 3% to high-yield within its overall fixed-income target earlier this year.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group as well as its sustainable equity mandate with Neuberger Berman in May.
The plan conducted the searches due to mandates impacted by the Energy Discrimination Act of 2022.
The university will consider adding a new manager to its endowment to handle a high-yield bond mandate through partial redemptions of two domestic large-cap equity managers.