Passive Fixed-Income
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group after receiving an annual share class review in February.
The plan made private credit commitments after presentations in closed session.
The two incumbents were the only firms that submitted proposals.
The university is considering adding a U.S. Treasury bond strategy to two of its portfolios after creating a maiden 5% target to Treasuries in both portfolios last quarter.
The plan introduced a 5% target to private debt and restructured its U.S. fixed-income and both U.S. and non-U.S. equity portfolios last week.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
The plan is seeking active core and core-plus bond managers to handle roughly $125 million each.
The plan replaced its passive TIPS mandate with BlackRock and committed to a new credit manager last month.
The university added a passive, long-term fixed-income strategy within its endowment in the fourth quarter in response to the rise in bond rates.
The changes will harmonize the investment grade fixed-income portfolios between the board’s three investment plans.