North Dakota Teachers Fund for Retirement, Bismarck, shuffled money among existing managers as a result of a recent asset allocation study, said Steve Cochrane, executive director of the North Dakota State Investment Board, which oversees the $1.42 billion funds investments.
The system increased its funding to domestic large-cap equities to 30% from 25% of fund assets, international stocks to 20% from 15%, and high-yield bonds to 7% from 5%. It cut its exposure to domestic fixed income to 7% from 18%, and real estate to 9% from 10%.
Watson Wyatt Worldwide conducted the study.
The systems domestic large-cap equity managers are State Street Global Advisors, Wilshire Capital, Strong Capital Management, Northern Trust, Westridge Capital, Alliance Capital and LSV. The funds international equities managers are Capital Guardian and SSgA. The funds domestic fixed-income managers are Western Asset Management, Strong Criterion, TCW and the Bank of North Dakota.
Managers will continue to have the same proportion of holdings in each asset class, Mr. Cochrane said.