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2014 in review
trueA look at selected capital markets worldwide.
Employee ownership key tenet in Dodge & Cox's philosophy
trueDodge & Cox officials believe in employee ownership almost as strongly as they hold to value investing.
Be aware of your assumptions
trueSince 2009, investors and markets have been highly sensitive to risk — and markets have offered high risk premiums. As these risks have gradually diminished, all asset classes have benefited. Equities have risen, bonds have rallied and, generally speaking, long-only investors have benefited. ...
Vermont picks GAM USA for unconstrained bonds, terminates 2 hedge funds of funds
trueVermont Pension Investment Committee hired GAM USA to manage a $260 million unconstrained fixed-income portfolio for the $4 billion Vermont State Retirement Systems.
South Yorkshire Pension Fund seeks manager for credit strategy
trueSouth Yorkshire Pension Fund is searching for a manager to run about £250 million in a buy-and-maintain credit strategy.
Colorado PERA shifts bond investment option managers
trueColorado Public Employees’ Retirement Association is changing the investment lineup of its defined contribution plans.
Oklahoma Teachers takes two fixed-income managers off alert status
trueOklahoma Teachers' Retirement System took two fixed-income managers off “alert status.”
Fitch: U.S. high-yield default rates to remain low in 2015
trueIn its 2015 U.S. high-yield default outlook, Fitch Ratings projects that the default rate among high-yield issuers will remain between 1.5% and 2% next year. The ratings agency said its forecast is well below the 34-year historic default average of 4.3%.
Promise now, pay later
trueWhen a California judge ruled in October that the city of Stockton could exit bankruptcy protection without cutting its public-sector retirement obligations, the decision drew the ire of creditors and highlighted the outsized role public pensions play in municipal finance.
Forecasters see U.S. leading the growth in 2015
trueThe U.S. will lead the way to an uptick in global market growth in 2015, with different markets picking up steam at different paces, said market forecasters.
Sonoma County conducting invitation-only search to replace PIMCO
trueSonoma County Employees’ Retirement Association, Santa Rosa, Calif., is conducting an invitation-only search for an unconstrained fixed-income manager to run $65 million, said Steven Marsh, investment analyst.
Hialeah Police Pension Fund seeks domestic large-cap managers
trueHialeah (Fla.) Police Pension Fund is searching for at least one domestic large-cap equity manager to run $10 million.
St. Louis Firefighters issues call for bond managers
trueSt. Louis Firefighters' Retirement Plan is searching for an active global fixed-income manager or active domestic core fixed-income manager to run $10 million.
North Attleboro Contributory looking for U.S. core-plus bond manager
trueNorth Attleboro (Mass.) Contributory Retirement System is searching for an active domestic core-plus fixed-income manager to run $7.5 million.
San Francisco City & County launches core-plus bond search
trueSan Francisco City & County Employees’ Retirement System is searching for an active domestic core-plus fixed-income manager to run between $500 million and $1.5 billion.