San Francisco City & County Employees' Retirement System postponed selecting currency overlay managers until next month. Staff at the $11.9 billion system and consultant Angeles Investment Advisors recommended that Bridgewater Associates and Pareto Partners each manage 40% of the system's $2 billion in international equity exposure and Barclays Global Investors manage 20%.
In addition, the board approved reducing the fund's overweighting to U.S. small-cap stocks to 15% of domestic equities from 18%, while increasing its U.S. large-cap stock exposure by the same amount. The Russell 3000 index has a 9% weighting in small-cap stocks. The changes will result in fine-tuning allocations to existing managers Barclays Global Investors, Armstrong Shaw, Dreyfus, DFA, Mazama, and Knightsbridge, said David Kushner, deputy director for investments.
