Texas Municipal Retirement System, Austin, launched an asset allocation study, said Marc L. Leavitt, director, absolute-return strategies at the $23.4 billion pension fund, speaking Wednesday at the Pension Bridge annual conference in San Francisco.
As part of the asset allocation study being conducted by the pension fund’s general investment consultant RVK, the board could consider an increase in the absolute-return allocation range to 5% to 10% from the current range of zero to 5%.
“We would keep it (the absolute-return portfolio) as a fixed-income substitute,” Mr. Leavitt said, speaking on a panel about hedge fund portfolio construction.
