Asset Allocation – Page 123
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Features
Negative returns for all strategies
All hedge fund strategies posted negative returns in March. Convertible arbitrage registered the most severe loss with -3.26%. Despite the positive impact of bond markets, performance of the convertible arbitrage strategy appears to have been strongly penalised by the negative value of credit spread. Equity market neutral and CTA global ...
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FeaturesHedging against inflation risk
Inflation-linked ETFs can play an important part in protecting the value of a portfolio. Lynn Strongin Dodds reports
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FeaturesPanic in abeyance
DON’T PANIC, as readers of the Hitchhiker’s Guide to the Galaxy can tell you, should always be capitalised in large friendly letters. If you happen to be holding out a thumb to passing spacecraft whilst hoping to survive on a mere thirty Altairian dollars a day it is doubtless valuable ...
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FeaturesCase study: AP6
Sweden’s private equity national buffer fund AP6 has posted stellar returns over the past five years and its domestic investment remit was recently liberalised, reports Maha Khan Phillips
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FeaturesRefocusing on risk
After five years of growth the recent market turmoil is leading to a strategic reassessment on the part of asset managers in France. Nina Röhrbein examines the emerging trends
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Features
How we moved our money
Last year, the Dutch pension fund PME mandated Mn Services with the fiduciary management of its assets, and took a stake in the company, in what was the largest ever European portfolio transition. Iain Morse discusses the transition aspects of the deal with Roland van den Brink of Mn Services
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FeaturesThe sleeping giant of Valley Forge
A triumvirate of US asset managers dominate passive investment. Between them, State Street Global Advisors (SSgA), Vanguard and Barclays Global Investors (BGI) manage over $3.5trn (€2.3trn). But while BGI and SSgA have built hedge fund and active management businesses, and have swept up business in European pension markets, Vanguard has ...
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Features
Fortis Investments looks to fiduciary
The fortunes of a CEO can vary with the tides, particularly when it comes to mergers and acquisitions. Sometimes a merger makes their position redundant; other times it can catapult the CEO to the helm of a new entity that has changed beyond recognition. Fortis Investments’ future was ...
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FeaturesWhat to do when the wolf is at the door
Next to banks, pension funds are the second largest investor in European private equity. As investors they may be involved, as limited partners, in the leveraged buyouts of companies and their pension schemes - a subject of considerable controversy recently. Pension fund boards therefore face a dilemma: private equity can ...
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FeaturesLooking for more diversification
The civil servants’ scheme is searching for both an investment consultant and a new CEO to lead a diversification of its investment universe. George Coats reports
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FeaturesRedefining DC
Moving away from DC may not involve shifting all the risk to the individual. Maha Khan Phillips examines some of the other options that pension funds, particularly Dutch ones, are coming up with
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Special Report
Ownership creates involvement
Stakeholders in defined benefit pension funds should redefine who exactly takes which risks, what constitutes solvency and who owns which part of it. Theo Kocken takes the baton in the first instalment in a series of discussion papers
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FeaturesWaiting for a breakthrough
Investment consultants has seen little change since the 2003 reforms but actuaries find business is booming, says Rachel Fixsen
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FeaturesWhy a global scope assures GTAA returns
In spite of recent reverses, global tactical asset allocation has developed from an add-on strategy to an integral part of a pension fund’s investment portfolio, according to a recent study. David White reports
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Features
New Jersey buys financials cheaply
These days the most talked about pension fund in the US is New Jersey State’s Retirement System. With $81bn (€54.7bn) in assets, it is the ninth largest US public pension fund. It is also the instigator of a highly innovative attempt to team with other large institutional investors, including foreign ...
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FeaturesWhy hedge funds mismanage alpha risk
The greatest source of market-driven hedge fund blow-ups is alpha, or manager skill risk. Leslie Rahl, Richard Horwitz and Erin Simpson of Capital Market Risk Advisors suggest this is due to an inadequate management of alpha risk
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FeaturesUnlocking the buyout market
The UK’s pension buyout sector has generated attention and controversy in almost equal measure. Joseph Mariathasan discusses business models and future trends with leading players
