JP Morgan’s fund is the latest to be monitored for underperformance. : Orange County Employees Retirement System (OCERS) is to put JP Morgan Asset Management’s Strategic Property Fund on its watch list for underperformance. It is the latest open-ended core US real estate fund to be put on watch by the pension fund, which recently requested to withdraw its investment in the ASB Allegiance Real Estate Fund, also due to underperformance. According to an OCERS board meeting report, the Strategic Property Fund has returned 8.3% since the pension fund first committed $100m in 2014, underperforming the NFI-ODCE index, which returned 9.2%.