Ann Arbor (Mich.) Employees' Retirement System invested $6 million in the State Street S&P Global LargeMidCap Natural Resources Index Fund.
The $570 million pension fund's board approved the recommendation to invest in the passive natural resources fund managed by State Street Global Advisors at its Aug. 18 meeting, recently released meeting minutes show.
According to the minutes, investment consultant AndCo Consulting recommended the investment to bring the pension fund's natural resources asset allocation closer to its 3% target.
As of June 30, the sole investment in the natural resources asset class was $9 million in the First Eagle Gold Fund, a gold and precious metals mutual funds managed by First Eagle Investment Management.
The actual allocation to natural resources as of that date was 1.7%.
Wendy Orcutt, executive director, could not be immediately reached for further information.