Orange County Employees Retirement System, Santa Ana, Calif., is considering a recommendation to trim or even eliminate some of its hedge fund strategies later this year, said Girard Miller, chief investment officer for the $12.6 billion pension fund.
OCERS has $1.6 billion in its absolute-return portfolio.
Pension fund officials plan to launch an asset allocation study as early as the third quarter. It will be up to OCERS' investment committee to decide the fate of the plan's hedge fund allocation, Mr. Miller said. General investment consultant Meketa Investment Group will assist.