Hawaii Employees' Retirement System, Honolulu, asked general consultant Pension Consulting Alliance to return to the board later this summer with a plan on how to structure the fund's $1.7 billion international equity portfolio, said Rod June, chief investment officer.
Officials of the $10.5 billion system in January increased the system's allocation to international equities to 26% from 17%. The consultant's report will help the board decide how the increased allocation can be implemented.
“We want to take the right amount of risk to capture growth in the international portfolio,” Mr. June said.
The international portfolio earned 59.33% in the 12 months ended March 31, topping its benchmark by 105 basis points, he said.