Sioux Falls (S.D.) Retirement Systems increased its exposure to intermediate-duration fixed income and decreased exposure to long-duration fixed income, said recently released board meeting minutes.
The $398 million pension fund at its board meeting Wednesday voted to increase its intermediate-duration fixed-income target to 12.5% from 10% and decrease its target to long-duration fixed income to 5% from 7.5%.
Schroder Investment Management manages both portfolios. As of Dec. 31, the most recent data available, Schroder’s intermediate- and long-duration portfolios had $37 million and $31 million, respectively.
A reason for the change was not given.
Thomas Huber, the city’s assistant director-finance, did not return a phone call by press time.