The key personnel overseeing the investment management of the FDX Corp. pension fund is not accurate as reported in the Jan. 25 issue on the 200 largest pension funds.
The correct names are Loren E. Jensen, assistant treasurer/staff director-retirement investment department, and Nelson L. Smith, corporate financial advisor-retirement investment department.
Messrs. Priddy and Perkins and Ms. Allen are not involved in the investment of the funds.
Loren E. Jensen
assistant treasurer/staff director
FDX Corp.
Memphis, Tenn.
editor's note: Mr. Jensen didn't return repeated phone calls in December to confirm the information.
Enhanced bond index
Unfortunately, Ward & Wissner Capital Management's Enhanced Bond Index Program was not reported in the PIPER ranking in the Dec. 14 issue. The third-quarter, one-year and three-year returns for the Enhanced Bond Index Program are 5.21%, 11.37% and 8.86%, respectively.
Our five-year return of 9.54% places us among the top five managers in the PIPER broad market managed fixed-income category for the period ended Sept. 30. The Enhanced Bond Index Program comprises investment-grade, fixed-income instruments that dominate in yield the benchmark index while minimizing portfolio risk.
One percent of the portfolio is reserved for options and futures hedging activity to reduce portfolio risk during bear bond markets, and enhance the returns during bull bond markets. The options and futures component proved especially rewarding during the late summer market turbulence using a flight to quality trade along with the creation of synthetic long Treasury securities.
Daniel J. Bradley
assistant vice president
Ward and Wissner Capital Management Inc.
Hastings-on-Hudson, N.Y.
