The New Jersey Division of Investments plans to move as much as$500 million into its high-yield portfolio in 2014.
The division manages seven Garden State pension funds totaling$74.3 billion in assets. The move expanding high-yield holdings isscheduled to occur in the division’s second-highest revenue plan,with holdings currently at $3.5 billion. A $100 million investmentin high-yields already occurred in May.
“We try to take advantage when things go down,” divisiondirector Tim Walsh told reporters. “If we get a little concerned,we’ll take money off the table.”
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