US - The $112bn New York State Common Retirement Fund (CRF) has eliminated Barclays Global Investors' (BGI) tactical asset allocation account, a domestic equity mandate.
CRF said it wanted to maintain greater control over the fund's asset allocation and will therefore manage the funds in house. The funds were moved as follows:
*$1.9bn of the $2.7bn was transferred from BGI into the internally managed S&P500 Index Fund.
*$857m was transferred to the internally managed fixed income portfolio.
The CRF reallocated its $2.8bn BGI Low Cap Fund to a BGI Russell 2000 Index and a BGI Russell 1000 Alpha Tilts Fund with $1.5bn allocated to the Russell 2000 Index and $1.3bn allocated to the Russell 1000 Alpha Tilts Fund.
The re-allocation was made in order to reduce tracking error caused by the micro caps stocks contained in the BGI Low Cap Fund and to increase alpha through the Russell 1000 Alpha Tilts Fund. The Fund's overall domestic equity benchmark is the Russell 3000 Index.
The CRF also funded the following real estate transactions:
* Purchased a 57,235 square foot self-storage facility in Florida for $2.43m under the CRF/Amsdell joint venture.
*Acquired an approximate 45% interest in Arbor Lakes, a 466,401 square foot community/power centre in Minneapolis through the Fund's KIMCO joint venture for $55.8m
*Funded a mortgage in the amount of $499,629 under the buy-sell agreement with the Community Preservation Corporation for a property in New York.
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