Santa Barbara County (Calif.) Employees’ Retirement System is conducting an asset allocation study and asset-liability study, said Ellen Hung, assistant CEO, in an e-mail.
The $2.4 billion pension fund is conducting the studies due to the hiring in May of RVK as the new investment consultant. RVK plans to present the results of the asset allocation study at the pension fund’s Sept. 28 board meeting. Ms. Hung said the pension fund has no expectation of what RVK will recommend.
She had no further information regarding the timing of the asset-liability study.
Current target allocations are 23% domestic equity; 10% each fixed income and emerging markets equities; 9% international developed market equities; 7% each private equity and U.S. Treasury inflation-protected securities; 6% private real estate; 4% each high-yield bonds and international fixed income; 3% each emerging markets debt, commodities and private natural resources; 2% each bank loans, private infrastructure, public infrastructure, public natural resources and real estate investment trusts; and 1% frontier markets equities.
As of June 30, 2015, the most recent data available, the actual allocation was 23.7% domestic equities, 19.6% international equities, 17.4% domestic fixed income, 12.7% international fixed income, 9.3% real assets, 8% real estate, 7% private equity and 2.3% cash.