Springfield (Mo.) Police Officers' & Firefighters' Retirement System voted to increase its target allocation to alternatives and reduce its exposure to fixed income following an asset allocation study.
The $469 million pension fund's board approved increasing its target allocation to alternatives to 31.5% from 22.5% and reducing its total fixed income target to 20% from 27.5% at its Oct. 8 meeting, said Janell Manley, administrative director.
The total equity target will also drop slightly to 48.5% from 50%.
How the target allocation changes will be employed has yet to be determined.
As of June 30, the actual allocation was: 26.9% domestic fixed income, 23.8% international equities; 23.1% domestic equities; 20.2% alternatives; 5.3% international fixed income; and 0.7% other.
Investment consultant Segal Marco Advisors assisted.