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Pension Funds

Denver Employees cuts exposure to equities and credit, ups investment-grade bonds

Denver Employees Retirement Plan has made changes to its asset allocation, confirmed Randy Baum, chief investment officer for the $2.2 billion pension fund.

At its meeting Thursday, the board approved the following changes to the plan's policy target allocations: 49% equities, down from 53% (which includes reducing its U.S. large-cap exposure to 17% from 19%, dropping developed market international equities to 13% from 15.5%, and upping its U.S. small-cap to 4% from 3.5%); 20.5% real assets, down from 21.5% (which includes reducing its natural resources allocation to 5.5% from 6.5%); 17% investment-grade fixed income, up from 11.5%; and 8.5% credit, down from 9%.

The allocation to hedge funds was unchanged at 5%.

Changes to existing managers, if any, have yet to be determined, Mr. Baum said.