US - Trustees at the Fresno County Employees' Retirement Association (FCERA) have decided to axe the scheme's infrastructure investments in favour of boosting its commodities allocation.
FCERA had allocated 2% of its US$2bn scheme to infrastructure, but instead brought the allocation to zero and increased the commodities exposure to 3%, according to recently released minutes from the August 5 meeting.
FCERA's general consultant Wurts & Associates said the dearth of credit in the markets has made infrastructure an unattractive investment option. Also, the extent to which private capital will be used for public projects remains uncertain while political and financial issues have recently derailed high-profile projects. (Global Pensions; August 4, 2009)
Separately, trustees also decided to shortlist four managers to run an international small-cap equity portfolio.
The firms are Dimensional Fund Advisors; Grantham, Mayo, Van Otterloo; Mondrian Investment Partners and William Blair. Trustees at FCERA will ultimately choose two managers to run a combined $134m.
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