Memphis (Tenn.) Light, Gas & Water Division Pension System invested $10 million in the Mount Lucas MLM Index-Unleveraged futures fund, said John McCullough, senior vice president of the $1 billion plan. Funding came from cash, he said.
The fund was added because it doesn’t have a high correlation with equities or fixed income, it is transparent and its securities can be priced easily by an independent third party, said Mr. McCullough.
