UWF Foundation Inc., Pensacola, invested $3 million in the PIMCO Diversified Income Fund.
The $99 million foundation's investment committee approved the investment in the multisector fixed-income fund managed by Pacific Investment Management Co., according to Dec. 8 foundation board meeting minutes.
Funding comes from the redemption of the foundation's $3 million investment in Templeton Global Bond Fund, an active global fixed-income fund managed by Franklin Templeton.
The reason for the change was not provided.
As of June 30, the foundation, which benefits the University of West Florida, had an actual allocation to fixed income of 12.4%; the target is 15%.
Investment consultant Atlanta Consulting Group assisted.
Foundation officials could not be immediately reached for further information.
