Solicitation_Questions_and_Answers_-_PBGC01-RP-17-0027.pdf

Solicitation Questions and Answers - PBGC01-RP-17-0027

Question

Solicitation Page #

Solicitation Section/

Paragraph Question, Comment, or Clarification Answer

1 7 Section 2/ Par 5

It is stated “Currently, PBGC employs thirteen investment advisors to manage domestic and international equity portfolios and sixteen investment managers to manage domestic and international fixed income assets, with certain of these managers overseeing equity and fixed income mandates. In the quarter ending December 31, 2016, we had 29 funds that traded FX with approximately 7,500 transactions during the quarter.” This seems to imply that all of PBGC’s equity and bond managers run both domestic and international mandates. Please confirm if this assumption is accurate.

Not all equity and bond managers run both domestic and international mandates, although some do. The wording was to emphasize the number of managers across the total equity and total fixed income programs. For clarification, as of December 31, 2016, 1 equity manager runs both domestic and international equity mandates and 7 bond managers run both domestic and international bond mandates. This is subject to change.