By Donald E. Fischer, Darwin M. Bayston, Robert W. Kopprasch, H. Nicholas Hanson, Sumber Abramson, Robert E. Shultz and Paul H. Fullum, Lloyd McAdams, Patricia A. Owens, David M. Dunford, Roger F. Murray

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Some experts feel that the point lacks merit. However, the specific uses that follow support this point. The first set of uses are those of a specific nature and of interest, even though not directly impacting basic policy and strategy issues. Quasi-Arbitrage Cash/Futures The applications of quasi-arbitrage Use of futures and cash is an attractive alternative to a traditional index fund. S. index fund. The use of futures results in less currency risk, at least relative to the dollar. Dynamic Hedging The use of futures as the cash market vehicle for constructing the hedge is appealing, primarily due to the savings in transaction costs and the lack of disruption of the manager's portfolio strategy.

S. index fund. The use of futures results in less currency risk, at least relative to the dollar. Dynamic Hedging The use of futures as the cash market vehicle for constructing the hedge is appealing, primarily due to the savings in transaction costs and the lack of disruption of the manager's portfolio strategy. Anticipate Corporate Cash Flow Many pension funds receive their contributions from the sponsor corporation on a quarterly basis. Table 2 indicates the unintended results of having a quarterly cash flow to the plan.

Then with what was left (about half of the portfolio), we did a little timing. We would wait for the market to move up and if it did, we would either sell the bonds with the new gains or else hedge them at that time. We also established a floor. If some of the market went down to a certain point, we hedged the securities involved regardless, because we didn't want to make things any worse than they already were. The result was that after three months, we were able to structure a portfolio that could be easily hedged.

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