Fixed-Income
The retirement plan has narrowed its core fixed-income search to two finalists.
The plan intends to issue RFPs for active core fixed-income and domestic small-cap value equity managers next month.
The fund revised its target asset allocation at its board meeting last week, increasing its exposure to fixed-income and private debt at the expense of real estate and global tactical asset allocation.
The plan ended a 30-year relationship with a core-plus bond manager after changes from recent meetings reported out of closed session.
The plan will further consider nine managers in a search that was launched in May.
The college savings program added active bond strategies to replace two passive strategies to provide greater flexibility in country and security selection.
Plan is eyeing searches for active emerging market debt and private markets secondaries strategies following initial discussion earlier this month.
The plan will conduct searches in several fixed-income and credit sectors following a portfolio restructure stemming from an overall asset/liability study.
The plan disclosed recent commitments from both the public and private markets.
The plan added a new domestic large-cap growth equity option to its lineup in May.