Imperial County Employees' Retirement System, El Centro, Calif., increased its target allocation to domestic equities and reduced the target to international equities.
The $875 million pension fund's board approved increasing the target to domestic equities to 33% from 29% and reducing the target to international equities to 20% from 24% at its Aug. 19 meeting, said Scott Jarvis, retirement administrator, in an email.
Mr. Jarvis said the board made the suggestion to reduce the target to international equities, feeling it was a "little too heavy" in that asset class. No managers are currently scheduled to be terminated, Mr. Jarvis said, but investment consultant Verus Advisory will be monitoring the asset class in the coming months and could potentially recommend changes.
The pension fund's other targets are 27% domestic fixed income, 10% real estate, and 5% each private credit and private equity.
As of June 30, the actual allocation was 31% domestic equities, 26.8% domestic fixed income, 22.7% international equities, 11.3% real estate, 4.5% private equity, 3.2% private credit, 0.3% other, and 0.2% cash and equivalents.
