International / Global / Emerging Markets
The new policy will help the plan achieve an expected return of 7.25% over the next 10 years.
The plan’s investment committee hired an emerging markets core equity manager and approved two credit commitments last week.
The plan hired two international equity managers to handle up to $700 million total last week following a search from 2022.
The plan also concluded its real estate and passive manager searches.
The plan terminated its active international value equity manager in December due to underperformance.
Plan staff is considering searches in small-cap equity and multi-asset credit searches later in 2023.
The plan added a 3% target to global infrastructure as part of a new asset allocation that was adopted yesterday.
The plan interviewed finalists in its emerging markets equity manager search at a meeting today and an additional firm last month.
The plan hired five multi-asset credit managers today as part of its previously approved return-seeking fixed-income structure.
The plan will look for a replacement global growth equity manager after terminating its incumbent this week.