Valspar Corp., Minneapolis, is conducting an asset allocation study of its $100 million pension plan, said Vincent Opat, director of compensation and benefits. The study is the first since Valspar acquired Lilly Industries in 2000. He said it is too early to predict changes in investment managers. The current allocation is 60% equity and 40% fixed income, he said. Watson Wyatt is performing the study, which will be concluded in May.