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 is scheduled to occur in the division’s second-highest revenue plan, with holdings currently at $3.5 billion. A $100 million investment in high-yields already occurred in May.
“We try to take advantage when things go down,” division director Tim Walsh told reporters. “If we get a little concerned, we’ll take money off the table.”
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