LPF chairman rebuts criticism of target returns

Taiwan's Labor Pension Fund has rebutted arguments put forward by fund managers in a story by AsianInvestor.net, subsequently printed in our magazine, that criticised the LPF for "unrealistic" assumptions about returns it wants from third-party managers competing to win absolute-return mandates. Here we reprint a letter from the chairman of the LPF Supervisory Committee, Huang Chao-hsi. This letter has been edited for grammatical style.