Small-Cap
The deferred compensation plan terminated one of its diversified emerging markets equity managers due to low participant usage and underperformance.
The RFP was slated to be issued to comply with standard state procurement laws.
The plan is looking to invest 2% of its assets with an emerging markets small-cap equity manager.
The plan retained its incumbent domestic small-cap core equity manager after conducting a search that yielded 52 responses.
The city’s OPEB and scholarship plans are also searching for a U.S. small-cap core equity manager.
The plan selected two international small-cap value equity managers to conclude its search for a firm in the fourth quarter due to underperformance from the incumbent.
The plan approved an asset allocation in March that introduced new targets to international small-cap equity and infrastructure.
Publicly-traded large-cap companies continue to garner the attention of media and investors, but allocator interest is beginning to look down market to the small-cap sector.
The pension plan hired five non-U.S. equity managers and approved a new private equity portfolio structure last week.
The plan is seeking firms to manage a total of $100 million.