Miami Firefighters' and Police Officers' Retirement Trust moved its $135 million allocation to active international value equity manager First Eagle Investment Management's new ex-gold and cash strategy.
The $1.9 billion pension fund's board voted to change its international value equity exposure at its Feb. 18 meeting, confirmed Dania L. Orta, the pension fund's administrator, in an email.
Investment consultant Meketa Investment Group conducted a shortlist search for active international value equity managers after completing a study in late 2021 to determine that First Eagle's existing active international value equity portfolio was not an optimal complement to active international growth equity manager Wellington Management's $140 million portfolio, board meeting materials shows.
In an analysis of four active managers' value-oriented international equity strategies, Meketa recommended moving the First Eagle international value portfolio to the ex-gold and cash international value equity strategy. The consultant also mentioned that the new strategy's fees were 15 basis points less than First Eagle's existing strategy.
According to the Meketa presentation, First Eagle is launching the new strategy through a limited partner vehicle and is expected to offer a collective investment trust after the second quarter.
As of Dec. 31, the actual allocation to international equities was 22.1%; the target is 22%.
