H-P's (HPQ) management has received plenty of criticism, but it's hard to criticize the job done...

|About: HP Inc. (HPQ)|By:, SA News Editor

H-P's (HPQ) management has received plenty of criticism, but it's hard to criticize the job done by investment chief Gretchen Tai in managing the company's giant defined benefit pension fund. Bronte Capital observes the fund delivered returns of 20.6%, 14.6%, and 14.7% in FY09, FY10, and FY11, even though a majority of its assets have been in debt rather than equities. The implications of Tai's success to H-P shareholders could be big, given how many companies are struggling with underfunded pensions.