Tampa (Fla.) General Employees Pension Fund increased targets to core and opportunistic real estate, as well as domestic small-cap and emerging markets equity, following an asset allocation review, according to recently released board meeting minutes.
The $683 million pension fund increased its target to core real estate to 7% from 4% and opportunistic real estate to 3% from 2%, eliminating its target to public REITs, which was previously 4%.
The pension fund also increased its target to domestic small-cap equity to 10% from 7% and emerging markets equity to 5% from 3%. As a result, the pension fund reduced targets to domestic large-cap equity to 25% from 29% and international developed markets equity to 20% from 21%.
Targets that remain unchanged are 20% domestic core fixed income and 10% global fixed income.
The pension fund also voted at its April 15 meeting to terminate Victory Capital Management from its international small-cap equity portfolio, which had about $22 million in assets as of March 31. The board voted to reallocate the funds to existing managers, but it did not specify managers at the meeting. A reason for the termination was not given.
As of April 30, the pension fund's actual allocation was 33.3% domestic large-cap equity, 23.5% domestic and global fixed income, 21.7% international developed markets equity, 9.6% real estate, 8.6% domestic small-cap equity, 2.9% emerging markets equity and 0.4% cash and equivalents.
Mark Boghich, pension plan supervisor, did not return phone calls seeking further information by press time.