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That has become a familiar position for the fund.
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In Personal Strategy Growth, Mr. Notzon has about 25.5percentt of assets in large-cap growth stocks and 27percentt in large-cap value stocks, both typical positions for the fund.
Such decisions must be "directed towards … what is best for the financial position of the fund", they were advised.
The sector is underweighted in Guy's traditional funds and is an important short position for the hedge fund.
Buried in the letter, too, is a new long position for the hedge fund: Murphy Oil Corporation.
He sold Ultra's Amazon position after the fund held it for many years (Amazon's price has since increased threefold) and greatly trimmed Ebay.
Old Mutual's idea merely chips away at rewards for failure, which is a responsible position for a fund manager to adopt (and, for the record, its own fund managers already have contracts of less than 12 months).
Calpers, which owns 1.4 million Tyco shares, sent a letter on Tuesday to Tyco's 100 largest stockholders asking for support of a position the fund initially took in November.
Mr. Yacktman paid $13.64 a share, on average, for the fund's position in Tyco.
Cox said scientists were already in a weak position for the spending review because of funding mistakes made under the Labour government.
Several community leaders said they complained to Mr. McGreevey personally about the abrasive fund-raising tactics as early as 1997, but Mr. Chugh continued in his $10,000-a-month fund-raising position for the Democratic State Committee.
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