Randal Goldsmith, Standard & Poor's Fund Services

It is worth examining the process we employ when we rate FoHFs. We look for those providing consistent returns regardless of how the pension fund's mainstream equity and fixed-income investments are performing. The starting point is the track record: have the fund's returns been independent of market direction, have they shown an acceptable margin over cash rates (taking account of the risk profile), and how do they compare with those of similarly invested FoHFs? If the track record is decent,

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