Passive Equity
The board replaced existing passive domestic equity and hedge fund managers at a meeting last month.
The plan replaced its domestic all-cap equity manager, which had been on watch since April 2022 due to underperformance.
The plans added a sustainable equity manager to their lineup in October after initially receiving an ESG/socially responsible product analysis search book in April.
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 plan received three responses to a passive equity manager RFP issued in August.
The plan is seeking bundled/platform passive management services for various portfolios.
The RFPs will seek managers to handle 10 different strategies.
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.
One of two private credit commitments approved earlier this year has failed in negotiations.
The retirement system agreed to launch an evergreen private debt manager search and terminate three managers as part of a new asset allocation policy.