FYI: For 44 years, the Atlanta–based firm of Bowen Hanes has overseen the Tampa Fire and Police Pension fund, first under Harold J. Bowen Jr. (who died earlier this year at age 87), and then, after 2000, under Harold J. Bowen III, who goes by “Jay.” Typically, the manager of a $2 billion local Florida pension fund wouldn’t catch our eye, but its performance is extraordinary—so much so that it has prompted some healthy skepticism.
Under Bowen, the Tampa pension has consistently performed in the top quartile of its peers, returning 21% in 2017, 8.6% for the three years ending in 2017, 10.8% for five years, 6.9% for 10, and 11.5% for 35 years, according to Wilshire Trust. True, that lags behind the Standard & Poor’s 500 index, but the pension fund’s returns include a 25% stake in cash and bonds.
Regards,
Ted
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