New Mexico Public Employees Retirement Association, Santa Fe, in the first and second quarter removed four investment options in its $723 million deferred compensation plan, a report by investment consultant Meketa Investment Group shows.
The report for the $16.6 billion pension fund board's June 13 meeting said that in the second quarter plan officials are cutting the abrdn Emerging Markets Equity Fund, mapping the $1.8 million in assets to the Fidelity Select Emerging Markets Index Fund. New Mexico PERA is also removing the Invesco Global Real Estate Fund (a global real estate investment trust fund), moving the fund's $1.1 million in assets to the Vanguard Real Estate Index Admiral Shares fund. The Fidelity Investments and Vanguard Group funds are new to the plan.
In the first quarter, plan officials removed the Oakmark Equity and Income fund and mapped the assets to the age-appropriate life-cycle portfolio. Plan officials also removed the Fidelity Contrafund and mapped the assets to a Vanguard Institutional S&P 500 index investment option. The Vanguard S&P 500 index fund had $176.7 million at the end of the first quarter, and the life-cycle portfolios had $223.7 million, the plan's largest investment option by assets.
The life-cycle funds are managed by Meketa, with oversight by PERA. The portfolios are made up of most of the core funds in the plan, plus other niche strategies.