Merced County (Calif.) Employees' Retirement Association will conduct an asset allocation study to be completed in the winter, said Steven Bland, retirement administrator, in an e-mail.
The $651 million pension fund's investment consultant, Strategic Investment Solutions, will conduct the study.
Mr. Bland said no specific changes in asset classes are set to be considered.
As of April 30, the pension fund's actual allocation was 32% domestic equity, 25.9% domestic fixed income, 24.1% international equity, 8% real estate, 5.4% private equity, 4.4% hedge funds and 0.2% cash.
The target allocation is 28.4% domestic equity, 23.6% international equity, 19.5% domestic fixed income, 8% real estate, 7% private equity, 4.5% hedge funds, and 3% each infrastructure, natural resources and bank loans.
Separately, the pension fund placed Wells Capital Management, which runs a $29 million active emerging markets equity portfolio, on watch for performance.
Kirk Hartman, Wells Capital's chief investment officer, was not available for comment by press time.