High-Yield
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.
The plan hired several managers at its board meeting today, totaling more than $1 billion.
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 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 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.
The proposed portfolio structure would result in searches for core, credit, U.S. Treasury, emerging market debt, securitized products and bank loans.
