Trustees of the $3 billion Delaware State Employees' Retirement Fund, Dover, are almost doubling their international equity exposure, said A. Dale Stratton, board chairwoman. Trustees decided to increase by $100 million the amount run by existing international managers Oaktree Capital and Rowe Price-Fleming; together, they currently manage about $120 million.
The fund also is eliminating its small exposure to active domestic bonds, terminating NCM Capital, which had managed $30 million as Delaware's sole active domestic bond manager. That money will go to passive domestic bonds. Funding for the increased international allocation will come from cash and reducing by about $40 million a small-cap stock portfolio managed by Cadence Capital Management.