Pompano Beach (Fla.) General Employees' Retirement System liquidated its $5 million investment in the Oakmark International mutual fund.
The $193 million pension fund liquidated its investment in the active international equity fund managed by Harris Associates due to underperformance, said Madelene L. Klein, executive director.
Funds were reallocated to an existing active international growth equity mutual fund managed by Invesco. The plan had $5 million invested in that fund as of Sept. 30.
Harris Associates spokeswoman Anne O'Reilly could not be immediately reached for comment.
Also as of Sept. 30, the actual allocation to international equities was 11.8%.
Investment consultant Southeastern Advisory Services assisted.