Duke Management Co., Durham, N.C., which manages more than $3.6 billion in pension, endowment and other Duke University funds, will review its investment policy next month. The management company, which approved its current policy in February 1996, will examine each asset class at the meeting next month, looking at its overweighting to domestic small-cap stocks and possibly changing its real estate mix now 80% in private properties and 20% in public REITs said Cynthia E. Frost, investment director. It will study target allocations at its May meeting, and the new investment policy will start July 1, Ms. Frost said. The companys current asset allocation targets are 23% domestic equities; 11% developed foreign market stocks; 5% emerging market stocks; 15% domestic fixed income; 15% private equity; 15% long-short (absolute return) strategies; 7% real estate; 7% global opportunistic; 5% oil and gas, timber, inflation-linked bonds and other inflation hedges; and -3% cash. Almost 30% of assets are in private equity, and all other asset classes are underweighted, Ms. Frost said. No major changes are anticipated in the investment policy as a result of the review, said Eugene J. McDonald, president of Duke Management and Duke Universitys chief investment officer.