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Misconceptions of Pension Fund Performance
Julian Gumperz and Everett W. Page, Jr.
Financial Analysts Journal
Vol. 26, No. 3 (May - Jun., 1970), pp. 30-32+72-77
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4470676
Page Count: 9
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Too often pension funds are viewed as though they all had the same objectives -- and thus should all be measured with the same yardstick. Not so. Pension-fund objectives vary widely, depending on the age and rate of growth of the work force, wage and salary scales, eligibility standards and other considerations. In every case the overriding objective of the portfolio manager is meeting current yield requirements. But these requirements are often unrelated to rate of return measures based on current market values. Indeed, emphasis on maximizing short-term rate of return can seriously damage a pension fund.
Financial Analysts Journal © 1970 CFA Institute