Investment Actions
Periodically the Teachers' Retirement Board changes the investment managers that handle TRS investments. Beginning December 2017, the Board's investment actions are reported here after they have taken effect.
September 2025
- Completed a transition within the International Composite of the Diversified Equity Fund and the International Equity Fund: Sprucegrove was terminated and the funds were reallocated to Causeway International Equity.
- Completed a transition within the Sustainable Equity Fund: Dimensional Fund Advisors (DFA) was hired to manage a portion of the assets in a sustainable global equity core strategy.
April 2025
- Completed a transition within the International Composite of the Diversified Equity Fund and the International Equity Fund: Westwood Developed International Equity was terminated, and funds were temporarily reallocated to the BlackRock MSCI EAFE Index.
November 2023
- Completed a transition within the International Composite of the Diversified Equity Fund and the International Equity Fund: Westwood was hired to manage a developed international equity strategy.
January 2022
- Completed a transition within the Diversified Equity Fund: The defensive strategies composite was eliminated, and funds were reallocated to the passive domestic equity, active domestic equity, and international equity composites.
November 2021
- Completed a transition within the Actively Managed U.S. Equity Composite of the Diversified Equity Fund: Sands and T. Rowe Price were hired to manage active large cap growth strategies.
September 2021
- Completed a transition within the Actively Managed U.S. Equity Composite of the Diversified Equity Fund: Brown Advisory and Jennison were hired to manage active large cap growth strategies.
October 2020
- Completed a transition within the defensive strategies composite of the Diversified Equity Fund: AJO (Aronson, Johnson and Ortiz) and FPA (First Pacific Advisors) were terminated.
July 2020
- Completed a transition within both the international composite of the Diversified Equity Fund and the International Equity Fund: Westwood Global was hired to manage an active emerging markets strategy.
November 2019
- Completed a transition within the Diversified Equity Fund: Clearbridge Investments, an active manager, was terminated, and funds were temporarily reallocated to the Russell 3000 Index.
October 2019
- Completed a transition within the Sustainable Equity Fund (known as the Socially Responsive Equity Fund through September 30, 2019): As of October 1, Brown Advisory was hired to manage the assets of the fund, replacing Neuberger Berman.
- Completed a transition within the international composite of the Diversified Equity Fund and the International Equity Fund: As of October 1, Brown Capital and Franklin Templeton were hired to manage a portion of the assets.
April 2018
- Completed a longer-term transition within the defensive strategies composite of the Diversified Equity Fund: GMO’s allocation was reduced, and a new tactical asset allocation manager, BlackRock, was hired. In addition, Invesco replaced Zazove as a manager of convertible bonds.
December 2017
- Completed a transition within the active composite of the Diversified Equity Fund: Two active managers (Jackson Square and Intech) were terminated, and funds were reallocated to the Russell 3000 Index and three existing active managers.