Legendary hedge fund risks being dumped by pension fund over weak returns
A California county's USD 21bn pension fund is considering whether to drop Ray Dalio's hedge fund, which has underperformed for most of the past 16 years.
By Katherine Burton and Melissa Karsh, Bloomberg
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.
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