San Francisco City & County Employees' Retirement System terminated Dimensional Fund Advisors from two active emerging markets equity portfolios totaling $275 million.
The $37.1 billion pension fund's board approved the terminations at its Wednesday meeting, SFERS spokesman Stephen Worsfold confirmed in an email.
Investment staff recommended the terminations of DFA's $155 million core equity portfolio and $120 million small-cap equity portfolio because of performance concerns, according to a memo to the board included with meeting materials from Han Pham, director, public equity, and Patrick Li, investment analyst, public equity.
The portfolios had been on watch due to performance concerns since the second quarter and fourth quarter, respectively, of 2020.
How the assets will be reallocated has yet to be determined.
Taylor Smith, Dimensional Fund Advisors spokesman, could not be immediately reached for comment.
As of Dec. 31, SFERS' actual allocation to public equities was 35.9%.