Oklahoma pension adds four funds to existing long/short portfolio

Trustees for the Oklahoma Municipal Retirement Fund in Oklahoma City approved an allocation to four long/short managers following a review by the pension’s investment consultant Asset Consulting Group (ACG). A $5 million allocation was approved for the Swiftcurrent (Bridger) Fund and another $2 million plus was slated for the Engaged Capital Flagship fund at the $900 million pension board’s late February meeting. The allocations were essentially a reinvestment within the overall portfolio which is overseen by K2 via its Mauna Kea platform. The Swiftcurrent fund is managed by founder Roberto Mignone, who is the largest individual investor in the fund that typically holds 50 long positions and 50 short positions. According to meeting minutes, Mignone is supported by co-portfolio manager Blake Goodner and a team of seven analysts at Bridger Management. The allocation was funded by proceeds from Cevian that were slated to be received by the end of March. Engaged Capital, meanwhile, is described as a friendly activist manager that will not invest in companies that do not express interest in their assistance in board meeting minutes. Engaged will acquire board seats when deemed appropriate and currently sit on approximately half of their 100% long equity positions in its constrained portfolio of 10 holdings. The additional manager is being funded by the proceeds from fellow hedge fund manager White Elm that were collected in January. Two other allocations were under $1 million each. The SQN Investors Fund and Redmile Capital Fund were folded into the portfolio too upon the recommendation of ACG. The long/short portfolio outperformed the HFRI FOF benchmark by almost 4% net of fees in 2019, officials said. The overall program is positioned to be overweight to U.S. equity and underweight Asia equity.

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