El Paso County Retirement Plan, Colorado Springs, Colo., reduced Tortoise Capital Advisors’ master limited partnership portfolio by half, leaving it with about $16 million, said Thomas Pfeifle, executive director, in an e-mail.
The $319 million pension fund’s board voted on Monday to reduce the allocation to MLPs to 5% from 10%. The pension fund originally hired Tortoise Capital Advisors in May 2012.
“We want to get our exposure down overall in U.S. equity, and with the energy situation the way it is now forecast, this seemed the best way to get a number of things done at the same time. We are going to get this 5% invested in a foreign equity position, most likely an index fund,” Mr. Pfeifle said.
Meaghan Kilroy contributed to this story.