Greater Orlando (Fla.) Aviation Authority added the AQR Large Cap Defensive Style Fund to the investment options lineup of its 401(a) and 457 plans.
The active domestic large-cap equity fund managed by AQR Capital Management will replace the J.P. Morgan U.S. Research Enhanced Equity Fund in the lineup, according to a memo from Kathy Bond, chairwoman of the retirement benefits committee, included in March 18 authority board meeting materials.
According to the memo, the retirement benefits committee evaluated the active domestic large-cap equity fund managed by J.P. Morgan Asset Management for underperformance and concluded the fund's management team took on less risk, which caused the fund to perform as an index replication strategy rather than an active strategy.
The committee selected AQR from a shortlist provided by investment consultant AndCo Consulting, Ms. Bond wrote.
Ms. Bond could not be immediately reached for further information, including the current asset sizes of the plans. J.P. Morgan spokeswoman Kristen Chambers could not be immediately reached for comment.