Tampa (Fla.) General Employees’ Retirement Fund increased its target to diversified fixed income and lowered targets to equities following an asset allocation review.
The $814 million pension fund’s board approved the changes at its Jan. 16 meeting, recently released meeting minutes show.
Those changes were hiking the target to diversified fixed income to 25% from 20% and lowering targets to domestic large-cap equities to 19% from 21%, international developed markets equities to 15% from 17% and domestic small-cap equities to 10% from 11%.
Targets that remained unchanged were 10% each core real estate and private equity, 6% emerging markets equities and 5% opportunistic real estate.
The minutes did not specify the reasons for the changes recommended by investment consultant Asset Consulting Group or whether any manager searches or terminations may result. Pension fund officials could not be immediately reached for further information.
As of Feb. 29, the actual allocation was 26.6% domestic large-cap equities, 21.1% international developed markets equities, 19.8% fixed income, 13.9% domestic small-cap equities, 11.2% core real estate, 4.4% emerging markets equities, 2.8% private equity, and 0.1% each cash and opportunistic real estate.
