Passive Equity
The search for each retirement plan is due to state statute requirements.
The contracts of incumbent providers will expire later this year.
The retirement fund terminated three managers at last month’s investment committee meeting.
The plan’s sole active large-cap growth equity manager has underperformed its benchmark.
Historic market concentration within the Standard & Poor’s 500 Index has led to a resurgence in active domestic large-cap core equity investing among institutional investors.
The board has hired two domestic equity managers to replace existing managers across its three investment plans.
The retirement system will conduct a search for three fixed-income mandates.
The retirement system transitioned its passive domestic equity mandates with BlackRock to active management in the third quarter.
Active large-cap value and Wilshire 5000 index mandates were shifted into a Russell 1000 Index fund earlier this quarter.
The retirement fund approved its first commitments to the private credit space after adding a maiden target to the asset class last year.