Idaho Endowment Fund Investment Board, Boise, increased its target allocation to international equities to 30% of its equity portfolio, from 20%, by cutting its domestic equities target 10 percentage points to 70%, said Larry Johnson, manager of investments. The board of the $1.1 billion fund made the move on the recommendation of consultant Callan Associates.
The switch will change the domestic equity target to 49% of total assets, down from 56%, with international equities at about 21%, up from 14%. The remainder is in domestic fixed income.
The board decided to make the change to improve diversification, Mr. Johnson said.
Staff expects to present an implementation plan to the board at its Nov. 18 meeting, Mr. Johnson said. The board could consider searching for a stand-alone emerging markets manager and/or a global equity manager.