US - The New York State Common Retirement Fund (CRF) has terminated Insight Capital Research & Management from a $21m domestic equity portfolio, the pension fund said.
In its monthly transaction report for January released yesterday, CRF said it fired Insight from a small-cap growth portfolio on 31 December, but did not provide a reason.
According to data from eVestment Alliance, Insight's small-cap growth fund underperformed its Russell 2000 Growth benchmark in the year ended 31 December by 510 basis points, and underperformed by 921 basis points in the three-year period. However, longer-term numbers are stronger. Insight beat the benchmark by 122 basis points and 615 basis points in the five and ten-year period, respectively.
CRF also said it invested $100m in Discovery Global Opportunity Partners, an emerging-markets macro hedge fund.
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