Fairfax County (Va.) Employees Retirement System allocated 5% of assets to collateralized commodities futures, a new asset class for the $2.3 billion fund, and increased its allocation to an "all-weather" portfolio run by Bridgewater Associates to 10% of total assets from 5%, said Andy Speller, investment officer. Bridgewater's strategy is designed to add value regardless of market conditions. Fund officials are negotiating with a commodities manager that Mr. Speller declined to identify until the contract is finalized.
Funding came from trimming fixed income to 30% of assets from 34%, domestic equities to 35% from 39%, and international equities to 10% from 12%.
The system does not use an investment consultant.