Minnesota State Board of Investment’s investment advisory committee approved adding the Fidelity Investments Diversified International Commingled Investment Trust and the T. Rowe Price Institutional Small-Cap Stock Fund as investment options in the $5.8 billion Minnesota Deferred Compensation Plan, St. Paul.
The plan also will replace the Janus Twenty Fund with the Vanguard Group Dividend Growth Fund, said David Bergstrom, executive director of the $22 billion Minnesota State Retirement System, also of St. Paul, which administers the 457 plan with the state board. He said the Janus Twenty Fund will still be available through the plan’s self-directed brokerage window.
Mr. Bergstrom said in a response to questions on Wednesday that the Janus fund had become “too volatile and concentrated,” but he added that performance was not an issue.
The changes require the approval of the Minnesota State Board of Investments, which meets June 2. With the changes, the plan would have 13 core investment options, a suite of target-date funds managed by State Street Global Advisors and a self-directed brokerage window run by TD Ameritrade.