Contra Costa County Employees' Retirement Association, Concord, Calif., hired Parametric Portfolio Associates to manage a $20 million defensive equity portfolio, confirmed CEO Gail Strohl.
The $8.5 billion pension fund's board approved the hiring of Parametric at its Feb. 28 meeting. A funding source was not provided. Parametric's defensive equity strategy "offers liquid access to an alternative risk premia that is uncorrelated with traditional asset classes while helping diversify overall portfolio risk," according to the manager's website.
As of Dec. 31, CCCERA's asset allocation was 44.4% global equities, 27.4% global fixed income, 9.2% real estate, 8.2% alternative investments, 5% high yield, 3.9% inflation hedge, 1.4% cash and 0.5% opportunistic investments.