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Ohio Public Employees raises emerging markets debt, TIPS allocations

Ohio Public Employees Retirement System, Columbus, slightly increased its targets to emerging markets debt and Treasury inflation-protected securities in the target allocation of its defined benefit plan, spokeswoman Julie Graham-Price in an email.

The $89 billion retirement system, which includes $77 billion in defined benefit plan assets, increased its target to emerging markets debt to 7% from 6% and TIPS to 2% from 1%. The global high-yield target of 1% has been eliminated and core fixed income reduced to 9% from 10%. The plan still has a 3% target to high yield. No managers will be terminated.

Other targets in the defined benefit plan that remain the same are 39% public equities; 10% each private equity and real estate; 8% hedge funds; 5% risk parity; 2% each opportunistic fixed income and global asset allocation; and 1% each commodities, securitized debt and U.S. Treasuries.

Investment consultant NEPC assisted.