Nevada Public Employees’ Retirement System, Carson City, has eliminated its 5% target allocation to international fixed income, confirmed Stephen J. Edmundson, investment officer.
The $31.8 billion pension fund decided to eliminate its international exposure “to decrease volatility in the fixed-income portfolio,” Mr. Edmundson said in a telephone interview.
The target to domestic core fixed income increased to 30% from 25%.
Payden & Rygel and UBS Global Asset Management ran about $740 million each in international fixed income. The assets will be moved to the two managers’ domestic core fixed-income portfolios, giving them each about $2 billion.
Investment consultant Callan Associates assisted.