Memphis Light, Gas & Water Division, Memphis, Tenn., increased its target allocations to special strategies and real estate following an asset allocation review, spokeswoman Stacey Greenberg said in an email.
The $1.4 billion pension fund's board at its June 19 meeting approved increases to the target allocations to special strategies to 15% from 8% and real estate to 15% from 13%. The special strategies asset class consists of alternative investments outside of real estate.
The board also approved reducing the targets to domestic equities to 35% from 39%, global fixed income to 24% from 26% and international equities to 9% from 12%. The target to short-term investments will remain unchanged at 2%.
Ms. Greenberg said any changes to individual manager portfolios have yet to be discussed.
As of March 31, the pension fund's actual allocation was 38.4% domestic equities, 24.6% global fixed income, 14.4% real estate, 11.5% international equities, 9.6% special strategies and 1.5% short-term investments.
Investment consultant Gavion assisted with the asset allocation review.
