Non-U.S. & Global Fixed-Income
The retirement system retained its equity manager and let go of its incumbent fixed-income manager.
The pension fund also concluded an emerging market debt manager search with a hire at today’s board meeting.
The pension plan funded one of its separate account mandates for the global equity emerging manager program last month.
The board added an international bond fund option to one of its retirement plans over two other strategies.
The foundation’s revised asset allocation creates a maiden global bond allocation while increasing its targets to domestic fixed-income, real assets and domestic large-cap equity.
The plan’s incumbent managers were first hired in 2016.
The pension fund approved the staff recommended RFP last week.
2023 was supposed to be a down year for foundations and endowments with a potentially recessionary environment, however, equity and bond returns came out in the green, thanks in part to strong fourth quarters, leaving investors and allocators with a more optimistic outlook for their portfolios entering 2024.
The pension fund’s 3% portfolio to the asset class is currently held in an index fund.
The pension fund is seeking one or more private equity secondaries products diversified by underlying fund strategy and geographic focus.