Pennsylvania State Employees' Retirement System, Harrisburg, approved a temporary underweight allocation to its multistrategy asset class and an overweight allocation to its fixed-income asset class, confirmed Thomas Derr, spokesman for the $27 billion pension fund.
PennSERS' multistrategy class weight was 5.9% as of April 30, below its target policy range of 7% to 13%. Mr. Derr said in an email that this was "because of the recently approved liquidation of the Russell 3000 portfolio of about $1 billion."
The pension fund's fixed-income asset class weight was 14.1% as of April 30, slightly above its target policy range of 8% to 14% because of market movements.
At its latest meeting, the PennSERS board voted to maintain this temporary underweight allocation to multistrategy and an overweight allocation to fixed income until the completion of the SERS investment plan and the asset allocation policy later this year.