International / Global / Emerging Markets
The retirement fund also adopted a new asset allocation to take advantage of higher interest rates.
The fund has decided to terminate its contracts with an international equity and emerging markets equity manager that handles approximately $8.5 billion to comply with state law barring it from investing in financial companies that boycott energy companies.
The foundation is eyeing more impact investments this year as it also reviews its fixed-income allocations.
The healthcare system redeemed domestic large-cap equity and emerging markets equity allocations and reallocated the proceeds with existing equity managers in its portfolio at the recommendation of its general investment consultant in the first quarter.
The foundation is looking to add diverse-owned managers, of which currently has four, to its portfolio along with regionally focused investments.
The plan’s incumbent managers were first hired in 2016.
The plan opted for an emerging markets equity fund with more diversified holdings.
The pension plan approved new structures for its infrastructure, non-U.S. equity and real estate portfolios last week.
The pension fund approved the staff recommended RFP last week.
The plan is also scheduled to request an emerging markets equity manager search in the coming months.