MADISON, Wis. -- Telephone and Data Systems Inc. overhauled its $55 million domestic equity portfolio. The $110 million retirement plan hired Vanguard, Miller Anderson & Sherrerd and TCW to replace three of its four domestic equity managers -- Homestead, Yacktman and Franklin -- which handled about 90%of the portfolio and were terminated for performance, said Derek Racine, director-treasury operations. Acorn was retained.
Spokesmen from Homestead and Yacktman declined to comment. Franklin did not return calls seeking comment.
The fund also hired Wellington to manage an $18 million fixed-income portfolio. The money comes from Strong and FPA, which were dropped for performance, said Mr. Racine. Tom Attaberry, a vice president and portfolio manager with FPA, said performance was up 3.5%in 1999. Strong officials did not return phone calls.
The fund also hired Putnam to manage a $10 million core international growth equity portfolio, replacing Global Asset Management and Hotchkis and Wiley for performance-related reasons, Mr. Racine said.
A Hotchkis spokesman declined to comment. GAM did not return phone calls by press time.