Fixed-Income
The plan also recently replaced its domestic mid-cap growth equity manager and is nearing a small-cap value manager hire.
The retirement system has hired four global multi-sector fixed-income and three passive equity managers in recent months.
The fund will consider consolidating its public credit portfolio into a passive U.S. aggregate bond index to improve operational efficiency, reduce fees and reduce active risk at its board meeting this month.
The plan will move the assets with the state investment trust.
The deferred compensation plan replaced its domestic core-plus fixed-income manager yesterday due to underperformance.
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.