Fort Lauderdale (Fla.) General Employees' Retirement System terminated Polen Capital Management from its $37 million active domestic large-cap growth equity portfolio.
The $728 million pension fund’s board approved the termination at its Aug. 8 meeting, recently released meeting minutes showed.
The minutes cited underperformance as the reason for termination. In the minutes, Richard Dahab, chairman of investment consultant Dahab Associates, which recommended the termination, said Polen Capital’s portfolio was highly concentrated and lends itself to periods of outperformance and then underperformance.
A spokesperson for Polen Capital Management declined to comment.
The board approved moving the assets to an existing passive domestic large-cap growth equity portfolio managed by State Street Global Advisors, bringing that portfolio up to about $55 million.
As of June 30, the pension fund’s actual allocation to domestic large-cap equities was 25.8%.
