Large-Cap
The plans are reviewing recommendations to replace three existing managers.
The manager had been on watch since 2024 due to underperformance.
The retirement system terminated its active domestic large-cap growth equity manager last month due to underperformance.
The board hired domestic and international all-cap equity managers last quarter.
The retirement system hired two international equity managers to replace an incumbent that had been on watch since October.
Nonprofit investors and allocators are tempering expectations for their portfolios in 2026 as they prepare for more moderate returns resulting from increased volatility and heightened valuations along with persistent macroeconomic and geopolitical uncertainties.
The retirement fund also terminated a global equity manager-of-managers and made commitments totaling $695.6 million in October.
The retirement system terminated a domestic large-cap core equity manager earlier this month.
The plan replaced a domestic large-cap equity fund with a social index fund as the previous manager had been on watch for performance concerns.
The plan will consider replacing a domestic large-cap equity fund on watch status and approving a new asset allocation for its portfolio at its December board meeting.