The Catholic Superannuation Retirement Fund (CSRF) has slashed its investment with Barclays Global Investors (BGI) and terminated a mandate with MIR Investment Management, as part of an overhaul to its equity portfolio.
The fund's $200 million investment in the BGI Australian Alpha Tilt Fund will be reallocated, with $100 million invested in the BGI Alpha Advantage Equity Fund and $100 million allocated to the BlackRock Australian Quant Strategies Fund.
The fund wanted its Australian equity managers to have the flexibility to adopt shorting strategies in volatile markets, Cantor said.
"There was no difference in the fee level by halving the mandate [with BGI]. Both managers are good in the long/short space. Greater diversity will help us manage risk and improve fund performance," CSRF chief executive Greg Cantor said.
CSRF also terminated a $130 million mandate with MIR Investment Management, investing the funds with value manager Integrity Investment Management.
"The awarding of these mandates is part of our ongoing investment review process, which ensures our members have access to opportunities in varying market conditions, while also ensuring their retirement savings are safe for the future," Cantor said.
