New York State Teachers’ Retirement System, Albany, reallocated $500 million run by manager of emerging managers Progress Investment Management in a domestic small-cap equity portfolio to a U.S. all-cap equity for one year, according to the $76.5 billion system’s website.
The reallocation was “part of our ongoing realignment of the domestic equity portfolio in order to manage risk,” John Cardillo, system spokesman, wrote in an e-mail response to questions. “This change serves to address the portfolio’s overweighting toward small cap.”
Mr. Cardillo also said the system’s board approved renewing Cohen & Steers Capital Management to manage $125.7 million in the preferred securities of REITs and of real estate operating companies for one year, effective Sept. 13.
The board also renewed Prima Capital Advisors, which manages $145.6 million in commercial mortgage-backed securities, for one year effective Oct. 1; and T. Rowe Price, which manages $312 million in enhanced domestic equity, for one year effective Oct. 30.