Hollywood (Fla.) Employees Retirement Fund added $5 million to Baird Advisors’ active domestic fixed-income portfolio, giving the manager a total of $46 million, recently released board meeting minutes said.
The $297 million pension fund added the assets to Baird’s portfolio because the pension fund’s actual allocation to fixed income was underweight, with an actual allocation of 27.4% vs. the 32.5% target, according to minutes from the July 30 board meeting.
Funding comes from the reduction of active domestic midcap equity portfolios managed by Frontier Capital and Thompson, Siegel & Walmsley by $2 million and $3 million, respectively, leaving each manager with $20 million.
The domestic equity actual allocation was overweight at 42.6% vs. a 37.5% target allocation.
Investment consultant Segal Rogerscasey assisted.
Lisa Castronovo, pension coordinator, did not return a phone call by press time.
