Large-Cap
The plan will reduce its domestic large-cap growth exposure by eliminating an existing manager.
The foundation increased its large cap growth equity fund’s allocation to an incumbent manager that utilizes a research-based investment process in quality growth companies.
The plan will not look to renew contracts with two incumbent large-cap growth equity managers.
The retirement system moved away from its active domestic large-cap growth equity manager.
The plan also hired a new domestic large-cap value equity manager in the first quarter.
The deferred compensation plan replaced its international large-cap value equity manager in the fourth quarter due to underperformance.
The plan also made a real estate commitment at today’s board meeting.
The hire follows a search conducted due to the contract expiration of the plan’s incumbent.
A total of 23 firms submitted proposals to the retirement system’s domestic large-cap core equity manager search.
The pension fund made the decision following a search presentation from its general investment consultant in April.