Bradford & Marzec manages about $426 million in a core-plus bond strategy for the pension fund.
Separately, the $13.5 billion pension fund returned 16.3% for the year ended Dec. 31, surpassing the policy benchmark of 15.8%. For the fourth quarter, the pension fund returned 5.4%, 20 basis points above its benchmark.
However, the pension fund is below its benchmark for the three-, five- and 10-year returns. It returned an annualized 9.4% for the three years ended Dec. 31, compared with the benchmark's 10.2%; 11.5% for five years vs. 11.9%; and 7.2% for 10 years, just below the 7.3% benchmark return.