As the sole asset manager of Tampa, Florida’s firefighters’ and police officers’ $2.7 billion pension fund, Bowen has staked his success on focus and stamina.
His firm—Bowen, Hanes & Company—is not only the first responders’ sole asset manager, but the pension fund makes up nearly 80% of the Atlanta money manager’s $3.5 billion in assets.
“Jay” Bowen, as he’s known, inherited his pension management operation from his father, Harold J. Bowen Jr., who founded the firm in 1972 but had courted the Tampa pension fund since the ’60s. Bowen III’s approach is very much “if it ain’t broke, don’t fix it.” Like his late father, he uses a top-down “thematic” method to picking sectors and individual, mostly large-cap blue chips, typically with dividends.
In the 1980s, Bowen, Hanes used the economic backdrop of falling interest rates and declining inflation to buy winners like Campbell Soup and Coca-Cola. In the ’90s, as a new global economy emerged after the fall of the Berlin Wall, Bowen’s biggest holdings were in companies that would benefit from globalization, such as General Electric and Colgate-Palmolive.
“A lot of these companies are selling at either market multiple or below, and they have strong balance sheets and attractive yields,” Bowen says, noting Honeywell’s 1.8% dividend yield.
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