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CORRECTION: Yesterday's article stated that the San Diego City Employees' Retirement System had invested in AQR. It was in fact the San Diego County Employees Retirement Association which invested in AQR.

A source close to AQR told Opalesque yesterday that the San Diego County Employees Retirement Association had recently allocated $300m to AQR's Delta fund, which was up 19% last year and is up around 0.5% YTD.

This follows news in April that $25bn Greenwich, CT-based quant manager AQR Capital Management would add to its asset base over the next few months with $2bn in additional mandates. People close to the firm said fund performance at AQR ranged from +19% to +54% in 2009, with equally strong returns of between 3% and 20% by the end of Q1-2010 (see Opalesque Exclusive: here).

"AQR's Delta Fund has proven popular with large institutional investors, most of which already have single-manager allocations," AQR's principal Ronen Israel told IPE a few days ago. "They've sat across the table from enough funds to recognise common risk factors driving their returns." AQR does not see its Delta Fund as a replicator, said IPE. Instead, the fund starts by identifying the core economic themes in......................

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