April 2006 Letter
This letter is intended to update you on the progress of Covington Capital Management. Thanks to all of our clients, in eighteen months, Covington has commitments to manage close to $600 million of assets. We have put together a professional, experienced, and knowledgeable staff whose first priority is providing outstanding service to our clients.
Enclosed is our quarterly commentary, which addresses two popular financial instruments that may have negative implications for our financial system.
Lastly, we are pleased that Richard E. Azarloza, CFA has joined our firm as Vice President and senior portfolio manager. He comes to us from Brown Brothers Harriman & Company with over sixteen years of research and portfolio management experience.
Hedge Funds & Derivatives
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