Investors look beyond oil price hue and cry; Institutional shareholders see recent profits as proof their patience has become a virtue.

Pensions & Investments, May, 2006 by Burr, Barry B.

Byline: Barry B. Burr Institutional shareholders, unmoved by concerns about high gasoline prices and criticism of high oil company profits, believe their patient investing is now paying off. "It's a prototypical conundrum,'' said William R. Atwood, executive director of the $11.5 billion Illinois State Board of Investment, Chicago.

"You hate the notion of profiting from everyone's misery, but as an institutional investor you have a duty to maximize return.'' At the $29 billion Retirement Systems of Alabama, Montgomery, Marc Green, chief investment officer, said, "The companies are doing the right thing. They are increasing dividends ... and drilling for new oil.'' Alabama is overweight in the oil company group in its active portfolios. Charles M....

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.