New Jersey's investment council approved an increase in the equity percentage guideline for its pension fund to 70% from 60%. The change probably won't take effect until midsummer, and Roland Machold, director of the $44 billion New Jersey Division of Investment, said he has no near-term plans to meet that target.
``We actually have been very cautious on the market. In the last six to eight months we've been selling into this market and reallocating into international equities and bonds as part of a long-term strategic move,'' said Mr. Machold.
Currently, because of market appreciation, the fund's equity total stands at 64%. Domestic equities total 54% to 55% of assets. The rest is international.