University of Maine System, Bangor, made investments totaling $12 million into Vanguard Group's Short-Term Inflation Protected Securities index mutual fund for the system's $306 million managed investment pool of six endowment funds and $27 million pension fund, said Tracy E. Elliott, vice president of finance and controller, in an email.
The system invested $11 million into the fund for its managed investment pool and $1 million for its pension fund, representing 3.5% of each fund's total value in order to diversify the 7% targets to Treasury inflation-protected securities. The MIP and pension fund's existing investments in a TIPS mutual fund managed by Vanguard will be reduced by 50% each.
Investment consultant NEPC assisted.
