Latest from IPE Magazine – Page 257
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Country Report
Pensions In Nordic Region: Could do better
Denmark’s pension system might have achieved the top score in the most recent Melbourne-Mercer international rankings but there is still work to be done. Rachel Fixsen spoke to Torben Andersen, chairman of the new Pension Commission, about the work in hand
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Special Report
Active Management: False economies?
An influential consultancy tasked with finding savings in the UK’s local government pensions scheme has put forward the idea of pooling its funds into passive investment. Brendan Maton looks at the issues and the sector’s response
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Special Report
Special Report - Emerging Markets: On borrowed time?
Warnings about China’s growing debt exposure abound. Beverly Chandler finds market players confident that the system is robust – but emphasising the importance of continued reform and rebalancing
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Country Report
Pensions In Nordic Region: An unhappy industry
A lengthy phase of regulatory uncertainty looks likely as questions on the implementation of EU directives remain unresolved, according to Carlo Svaluto Moreolo
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Country ReportPensions In Nordic Region: Efficient frontiers
Carlo Svaluto Moreolo reviews recent mandate activity of large Nordic institutional investors
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Special Report
Active Management: The active-versus-active debate
Tracking error has often been used as shorthand for ‘activeness’ in portfolio management. Eric Colson explains the weakness of that approach, and how active share is a much stronger predictor of active performance
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Special Report
Special Report - Emerging Markets: Building the emerging world
Bank disintermediation, and the opportunities it presents, is as strong a theme in emerging infrastructure markets as developed. But Jennifer Bollen finds the similarities may end there
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Country Report
Pensions In Nordic Region: Rethinking traditional allocations
Casper Hammerich outlines some of the key findings on asset allocation from the ninth Nordic Investor Survey
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Special Report
Active Management: Passive skeletons in the active closet
Charlotte Moore tests the limits of quantitative measures of ‘activeness’ in portfolio management, and finds that a good dose of qualitative common sense is a vital part of the manager selection process
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Special Report
Special Report - Emerging Markets: Safety first?
Claims that emerging market investors herded into quality companies in the first half of 2014 raise concerns about troubled times ahead. But as Lynn Strongin Dodds finds, some of that trade has already unwound – and there is a strong counter-argument that investors were, in fact, looking for growth rather than safety
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Special Report
Active Management: Diluting by concentrating
Concentrated portfolios can look like a proxy for high-conviction and high-alpha portfolios. Martin Steward asks if the two things necessarily follow one another
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Special Report
Special Report - Emerging Markets: Fed up with volatility
The Federal Reserve-sparked ‘taper tantrum’ of 2013 revealed how sensitive emerging market currencies could be to interest rates set in the developed world. Caroline Saunders asks whether that volatility told us more about investor sentiment than fiscal fundamentals
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Country Report
Pensions In Nordic Region: Finns look towards new frontiers
Two leading Finnish pension funds see potential in frontier markets and China equity, finds Reeta Paakkinen
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Special Report
Active Management: The portfolio tax
C Thomas Howard argues that active equity fund managers are superior stock pickers but destructive portfolio managers, to the extent that stockpicking skill is completely wasted
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Special Report
Special Report - Emerging Markets: Corporates come of age
A structural advantage is baked into emerging market corporate debt, but exploiting it is dangerous without intense credit work. Caroline Saunders finds a market coming out of childhood but not yet an adult
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Country Report
Pensions In Nordic Region: Retirement age rise
Reeta Paakkinen outlines reforms to Finland’s pension system, that will increase the retirement age and the accrual rate for earnings-related pensions
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Special Report
Active Management: Understanding investment skill
Rather than outcomes-oriented measures, Michael Ervolini argues that to assess active managers’ skills they need to be isolated by comparing their portfolios with alternative, ‘adjusted’ portfolios
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Special Report
Special Report – Emerging markets: At the frontier
Beverly Chandler takes a closer look at some of the companies that make up the frontier markets opportunity, finding a rich mix of local consumer-finance, technology and manufacturing names that offer investors their last chance to buy into a secular growth trend
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Country Report
Pensions In Nordic Region: Still a competitive market
KLP is on track boost its position as the country’s second largest public pensions provider following the exit of Storebrand and DNB from the local authority market, writes Rachel Fixsen
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Features
That’s about the size of it
In late September, one of the world’s largest pension funds ditched its hedge funds, and one of the world’s largest mutual funds lost its manager. One decision made sense, but not for the reasons most commentators put forward. The other made sense, despite all the focus on the nonsense surrounding it.
