International / Global / Emerging Markets
The university revised the asset allocation for the policy portfolios of two of its asset pools, increasing the allocations to global equity through a consolidation of its public real assets position.
The plan, whose incumbent was first hired in 2016, is seeking managers to handle between $30 million and $40 million.
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.
The firm had been on watch since the third quarter of 2019 due to underperformance.
The plan will first issue RFPs for global infrastructure and tactical asset allocation managers.
The university increased its targets to private equity and global equity at the expense of hedge funds.
The plan concluded a search for a replacement emerging markets equity manager.
The plan will target 5% each to the new asset classes.
The plan is looking to replace its current underperforming manager.
The plan moved an emerging markets equity mandate to a passive account while it determines its long-term direction for the assets, which could ultimately remain passive.