Jacksonville P&F Reviews Large Cap Core Candidates, Rebalances US Equity Mix

The Jacksonville Police and Fire Pension Fund will select finalists for its US large-cap core equity search and approve transitioning WEDGE Capital’s small-cap value to a small- and mid-cap value strategy.

Jacksonville Police and Fire, in its January 24 board meeting minutes, announced presentations from Aristotle, Jacobs Levy, JPMorgan, Waycross, and Northern Trust for its US large-cap core equity manager search. Northern Trust, an incumbent manager, is among the candidates. General consultant RVK assisted in the search.

Additionally, the Florida-based pension board approved a motion to transition its allocation in WEDGE Small Cap Value Fund to its SMID Cap Value Fund while maintaining the current $86M target, or 8% of the pension’s total portfolio. RVK recommended the move after WEDGE’s presentation, citing the SMID Cap Value fund’s outperformance against the Russell 2500 Value benchmark.

Per Dakota data, Jacksonville Police and Fire oversees approximately $2.7B in total plan assets.