PENSIONS & INVESTMENTS—April 25, 1977 IT'S ABOUT TIME INVESTMENT MANAGERS WERE JUDGED ON THEIR SUCCESSES INSTEAD OF THEIR ADDRESSES. In other words, it's about time that managers of employee benefit plans Take us, for example. The 1972-76 is a good example. During that time, our Cor porate commingled equity fund's rate of return was 7.9 percent versus only 4.9 percent for the Standard & Poor's 500. And for 1976 itself, our overall return was more than 14 points higher than the S&Pa hefty 38.5 percent. How can a bank from Birmingham get this kind of results for its clients? Because despite all the myths and misunderstandings, it's still philosophy that determines investment success. Not geography. And we have a philosophy that would be just as sound no matter where we had our office. Which is simply that if you consistently buy stocks that are NEW YORK undervalued and then sell them when they reach full value, the results will be consistently good. As a result of this philosophy, we already have one of the largest trust departments in the Southeast. And it's still growing. Which just goes to show that there must be a lot of people out there who are more interested in our return on investment than our return address. ATLANTA If you're one of them, please contact Davis H. Crenshaw, Vice President and Trust Marketing Officer, The First National Bank of Birmingham, P.O. Box 11007, Birmingham, Ala. 35288; tel. (205) 326-5397. THE FIRST NATIONAL BANK OF BIRMINGHAM AN ALABAMA BANCORPORATION AFFILIATE MEMBER FDIC BIRMINGHAM This rate of return was accomplished through efficient management National City Bank PENSIONS & INVESTMENTS-December 18, 1978 The Investment Spectrum. It takes a broad range of investment skills to match retirement fund objectives today. Here's how the people of First Chicago, with investment responsibility for $8.8 billion, can provide diversification that's beyond the realm of other major money managers. Mention diversification to most money managers and they'll tell you about their stocks and bonds. Mention to First Chicago and we'll tell you a lot more. We believe that extraordinary times call for extraordinary measures To cope with today's erratic market behavior you need diversification that goes bevond conventional stocks and bonds. and beyond national boundaries. We've developed the skills to provide this full spectrum of diversification. And we have performance figures to prove its effectiveness. Here are a few examples: Real estate centers and garden apartments. Fund F has provided an annualized return of 8.2% since its inception in 1973. And for the 12 months ending June 30, return was 9.4% International securities to reduce volatility. Since the securities markets of other countries We were among the first to recognize the advantages of intemational diversification. In early 1973, our Trust Department established a London base staffed with a seasoned investment team. Today that team has management responsibility for over $140 million in equiry and debt investments. Investments are diversified by country. type, industry and company And our common stock emphasis is on well-managed, high quality corporations, especially those in sound, relatively high-growth economies with solid currencies. Recent equity performance has been particu larty favorable, as reflected by International Fund G: Since Oct. 76, unit value has increased 31.1% while the S&P 500 was up only 0.4% A market matching system The First Index of total return of our International Fund G compared with the S&P 500 during three market phases. and dividend reinvestment approaches, we can create a portfolio to match virtually any existing common stock index, or an index designed especially to meet your goals. Our S&P 500 Index Fund, for example, has tracked this popular average within 20 basis points since the fund was introduced in July, 1977 Besides the benefits of broad diversification and close tracking, our Market Matching system also provides participants a worthwhile reduction in management and transaction charges. And more. These are only a few of the special investment BUSINESS WEEK-April 2, 1979 How international diversification improves return and reduces volatility for Morgan's investment clients Morgan officers at this international investment strategy meeting in London are (from left) Robert Rex and Nicholas Potter. New Alert pension fund sponsors, foundations, and other institutions are discovering the advantages of investment diversification by country. Through actively managed international portfolios they're getting improved return and lower volatility. Many of them are clients of The Morgan Bank, which manages more than half a billion dollars in overseas equity and fixed-income securities for U.S. employee benefit plans. The chart at right shows the five-year performance of our commingled pension fund devoted to international equities. At Morgan our investment approach traditionally has been international. Even when U.S. regulations made new overseas buying impractical, we kept up our research and our contacts. Today our international investment team includes professionals based in London, Paris, Geneva, and Tokyo. Chart shows value at year-ends of $1 invested Jan. The Morgan Bank economy portfolio. It can turn inflation But this kind of fund management For more information on the advantages of international diversification. please write on your letterhead to Henry D. Cavanna, Vice President, Morgan Guaranty Trust Company, 9 West 57th Street, New York, N.Y. 10019. |