Fixed-Income
The plan also revised its upcoming fixed-income and international equity manager search timelines.
The asset allocation changes resulted in several manager hires and terminations at the retirement system’s November meeting.
2023 was supposed to be a down year for foundations and endowments with a potentially recessionary environment, however, equity and bond returns came out in the green, thanks in part to strong fourth quarters, leaving investors and allocators with a more optimistic outlook for their portfolios entering 2024.
The plan hired two firms, including one incumbent, following a search launched in late 2022.
The deferred compensation plan recently made several changes to both its equity and fixed-income portfolios.
The fund concluded searches launched in January.
The pension plan is considering adding a domestic core fixed-income manager to its lineup and expects to select a new executive director next month.
The plan will also issue RFPs for global fixed-income and domestic small-cap core equity managers.
The university is adding private credit and U.S. Treasury bond strategies to its portfolio after transitioning to a discretionary advisory relationship in the first quarter.
The pension plan committed $21.25 million total to five private markets managers last month.