Large-Cap
The university will consider adding a passive domestic large-cap value strategy to provide a more balanced approach to its equity portfolio and a private debt manager as it looks to build out its allocation to the asset class.
A partner and director of research left the plan’s domestic large-cap value equity manager this month.
The plan will revisit a recommendation to terminate its active domestic large-cap growth mandate and move the assets to a passive account.
The plan made a change in domestic large-cap growth equity managers last quarter.
The plan is seeking a replacement for Allspring Global Investments, which was terminated at the plan’s March 24 retirement commission meeting.
The plan hired a domestic large-cap core equity manager to handle approximately $32 million at its board meeting yesterday.
The plan will receive replacement options at its Sept. 7 board meeting.
The 529 plan added a domestic large-cap growth equity strategy to its watchlist last month because of underperformance compared to its benchmark for the quarter, one-, three- and five-year periods ending March 31.
Termination shifts large-cap growth assets to a passive allocation in anticipation of investing in mid-cap equities for the first time.
Plan is seeking one to three global ex-U.S. equity managers and agreed to restructure its opportunistic and alternative fixed-income portfolios this month.