The $8.5 billion San Diego County Employees Retirement Association is currently searching for four to six managers for its newly implemented active commodity program.

SDCERA implemented a passive commodity program in June 2005 and transitioned to enhanced strategies in August 2006. Two months ago, the plan’s board furthered its active guidelines by adopting a policy for its commodity allocation, which include a maximum allocation of 15% to equities, 15% to physical commodities, allow short positions and use a mixture of enhanced and active managers.

The newly adopted policy also allows for investments in swaps, separate accounts, partnerships, funds-of-funds and commingled funds. The plan’s search is managed by consultant Ennis Knupp + Associates.