El Paso (Texas) City Employees' Pension Fund put Denver Investment Advisors, an international small-cap equity manager, on watch for underperformance, said Robert Ash, executive director, in an e-mail.
Mr. Ash did not provide additional information, including an allocation size.
Denver's portfolio was down about 17% in 2014, making 2014 the “first year in seven years that the portfolio had underperformed the index,” according minutes from the Jan. 21 board meeting.
Denver attributed their underperformance to “the poor performance of stocks, detraction of operational performance and compression of valuation,” among other factors, the minutes said.
An official at Denver Investment Advisors declined to comment on the firm being placed on watch.
The pension fund has about $723 million in assets.