The board appointed Casey Wolf as investment officer to replace Paul Williams who retired from the position.
The board amended the investment policy after adopting the 2018 capital market assumptions and adjusting the asset allocation targets by decreasing U.S. equities by 2%, increasing international developed equities by 1%, increasing emerging market equities by 1%, decreasing hedge funds by 2%, increasing strategic credit by 3%, and decreasing distressed debt by 1%.
The investment policy was amended to incorporate Chapter 808 of the Texas Government Code prohibitions on investment in companies that boycott Israel.
The board completed the regularly scheduled review of the U.S. and international equity index funds manager and retained State Street Global Advisors.
The board completed the regularly scheduled review of the REIT managers and retained Cohen and Steers; the board hired Dimensional Fund Advisors and terminated Morgan Stanley Investment Management and Invesco Advisers, Inc.
The board updated the investment policy to reflect the REIT manager changes and associated performance benchmarks.