The Orange County Employees Retirement System's investment in Bridgewater Associates’s Pure Alpha fund has returned an annualized 4.5 percent since 2005, about 2.5 percentage points less than its benchmark, according to a memo seen by Bloomberg from Meketa Investment Group, the pension’s consultant.
The strategy has topped OCERS's target only once in the past five years and has trailed on a seven- and 10-year time horizon.
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