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  2. INVESTING & PORTFOLIO STRATEGIES
July 30, 2015 01:00 AM

Seattle City Employees drops PIMCO global inflation-linked bond strategy

Rob Kozlowski
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    Seattle City Employees' Retirement System terminated Pacific Investment Management Co. from a $65 million global inflation-linked fixed-income portfolio, said Jason Malinowski, chief investment officer, in an e-mail.

    The $2.4 billion pension fund has terminated PIMCO “because our recently adopted strategic asset allocation no longer has a target allocation to inflation-linked bonds,” Mr. Malinowski said.

    PIMCO still runs a $134 million active domestic core fixed-income portfolio for the pension fund.

    The new target allocation is 48% public equities, 18% broad fixed income, 12% real estate, 9% private equity, 5% each credit fixed income and diversifying strategies, and 3% infrastructure.

    The pension fund issued an RFP for infrastructure in May, and also discussed an interim plan for the new credit fixed-income target.

    The plan “involves investing in a set of mutual funds and ETFs to gain exposure to the asset class before conducting manager searches for a more permanent allocation. We are not anticipating issuing an RFP,” Mr. Malinowski said.

    The previous targets were 27% international equity, 25% domestic equity, 20% domestic fixed income, 12% real estate, 6% each covered calls and private equity, and 4% real return.

    As of March 31, the pension fund's actual allocation was 32.9% domestic equity, 25.7% international equity, 21.4% domestic fixed income, 10.7% real estate, 5.2% absolute return, 1.9% cash, 1.8% private equity and the rest in overlay.

    Investment consultant NEPC assisted.


    See a review of investor reaction since William H. Gross' departure from PIMCO
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