Concord Contributory Retirement System, Concord, Mass., is increasing its allocation to equities - including a first plunge into international - by cutting domestic fixed income, said Anthony Logalbo, town treasurer. The system plans to put 55% of its $36.6 million in assets in equities, including up to 10% of that in international stocks. The equity allocation is now 50%, all domestic.
The fund will keep 40% of its assets in fixed income - down from of 45% - and 5% in cash. The changes were the result of an asset allocation study. No manager changes are anticipated, Mr. Logalbo said.
The fund uses Frank Russell Trust for equities and Fleet Investment Management for both equities and U.S. fixed income and has 15% of its assets in equities with the state-run Pensions Reserve Investment Trust.