Lincolnshire County Council in the UK has chosen Goodhart Partners for an absolute return bond mandate worth around $114 million.
The $1.5 billion pension fund was down by 18.6% over the year to 31 March 2009, although it did see outperformance from its alternatives. The fund's relative outperformance against its specific benchmark, which returned -20%, was partly due to its being overweight fixed interest and underweight UK equities at an asset allocation level.
The move into absolute return style investing is seen as part of the fund's continued move into a more diversified portfolio. As at the end of