Howard Hughes Medical Institute, Chevy Chase, Md., has rebalanced its $1.9 billion externally managed U.S. equities portfolios, said Gregg Hazlett, director of investments for the $11.9 billion endowment. His team neutralized the large-cap portfolios away from growth, giving them a slight value tilt. Mr. Hazlett has hired one high-alpha manager who specializes in concentrated large-cap portfolios and is looking for more concentrated managers who focus on both growth and value styles. Small-cap managers are under review. In the $2.6 billion international equities portfolios, the institute is continuing to overweight emerging markets, which stand at 18% of international assets. The institute is searching for active core EAFE and emerging market managers to complement the core strategy. It also may hire an external currency manager next year; currently it uses an internally managed passive overlay on international equity portfolios.