New Mexico SIC Made Changes in Hedge Fund Allocation
The New Mexico State Investment Council (NM SIC) has made some tactical changes to its hedge fund-of-funds portfolio exposure. It brought it down to US$ 711.2 million (December 31, 2011) from US$ 1.03 billion (December, 31 2008). As public investors become comfortable investing in hedge funds, many are investing directly with their favorite managers and lessening allocation to fund-of-funds. During the stated period above, the SIC’s allocation to hedge fund-of-funds dropped from 10% to 8%. In 2010, some fund-of-funds had been fired for poor performance.