San Francisco City & County Employees' Retirement System increased its equity and alternative investment policy allocations, while decreasing its U.S. fixed-income policy allocation.
U.S. equity rose to 32% of assets from 29%; international equities, to 18% from 16%; and alternatives, to 12% from 9%.
U.S. bonds dropped to 21% from 29%.
Policy allocations to global bonds, unhedged (9%) and real estate (8%) remained the same. Also, the expected long-term return for the $9.2 billion plan has been increased to 9.29% from 8.92%.
A decision about a small-cap value manager is expected in January for a $100 million to $150 million allocation.