High-Yield
The search complies with standard state procurement laws.
The plan’s current high-yield managers are on watch for performance reasons.
The system will consider four high-yield fixed-income managers for possible inclusion within its portfolio after launching a search in the fourth quarter due to the termination of the incumbent due to personnel turnover and poor performance.
The pension plan hired the manager as part of a new domestic equity structure.
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 deferred compensation plan recently made several changes to both its equity and fixed-income portfolios.
The plan also decided to not continue with its REIT manager search.
The fund considered terminating a high-yield fixed-income manager and launching a search for a replacement firm at its board meeting this week.
The college savings plan has added two underlying high-yield fixed-income funds with existing managers within its portfolio.
The plan now has two high-yield fixed-income managers on watch.