Los Angeles City Employees' Retirement System's board on Tuesday renewed the contract of EAM Investors, which manages an $86 million active U.S. small-cap growth equities portfolio, until July 31, 2026.
EAM has managed the portfolio since October 2015 and was awarded a new contract in January 2020 following an RFP. The contract had been set to expire July 31.
Separately, CIO Rodney June reported that Axiom Investors, which manages a $271 million active emerging markets growth equity portfolio, was placed on watch April 11 for underperformance.
"Unfortunately, we've seen growth managers struggle" in this environment, and Axiom is no exception, Mr. June told the board Tuesday.
Axiom executives could not be immediately reached for comment.
Mr. June also updated the board about the $21.5 billion pension fund's exposure to Russia and to Chinese technology. LACERS has $3 million in Russian investments. The pension fund also has about $39 million in private markets exposure and $18 million in public markets exposure to Chinese technology.