Orange County Employees Retirement System (OCERS) is redeeming its $150.5m (鈧�135.4m) investment in JP Morgan Asset Management鈥檚 Strategic Property Fund to reinvest in Principal Real Estate Investors鈥� flagship core fund.
In August last year, 麻豆映画 Real Assets reported that OCERS is putting the Strategic Property Fund on its watch list for underperformance.
In a meeting document, consultant The Townsend Group said the Strategic Property Fund has underperformed over several time periods, putting the fund in the fourth bottom quartile for the open-ended fund universe.
Townsend attributed the underperformance partly to overweight positions to the office and retail sectors and being underweight industrial.
JP Morgan Asset Management declined a request for comment.
Once the capital is received, OCERS plans to re-invest the capital into The Principal US Property Account.
