Hedge Funds Institutional Investors

Maryland State allocates 10% to absolute return strategies, approves portfolio mix


The Maryland State Retirement System has approved a plan to allocate 10% of its $28 billion portfolio to absolute return strategies and has yet another $2 billion to allocate before meeting its target asset mix.

On the recommendation of investment consultant Ennis Knupp, the investment staff established a list of strategies that could fall under the definition of absolute return. They are: global tactical asset allocation, distressed debt managers, macro managers, convertible arbitrage managers, multi-strategy hedge funds, merger arbitrage managers, long/short market-neutral managers, fixed-income arbitrage managers and broad-based hedge funds of funds.

Ennis Knupp has been charged with bringing