Oakland (Calif.) Police & Fire Retirement System hired SPI Strategies to run about $20 million in a domestic defensive equity strategy, recently released board meeting minutes show.
The $391 million pension fund issued an RFP in the second quarter.
The assets will be invested in SPI's Long Alpha Plus Portfolio, which, according to prior board meeting documents, is "a sector-diversified concentrated long portfolio that captures alpha by focusing on stocks with a favorable combination of identifiable economic moats; expected earnings catalysts, reasonable debt, behavioral attractiveness and positive sentiment."
Other finalists were AQR Capital Management and Intech Investment Management.
As of Sept. 30, the pension fund's domestic equity allocation was 41.2%; the target is 40%.
Investment consultant Pension Consulting Alliance assisted.
Teir Jenkins, investment officer, could not be reached immediately to provide further information.