Investment Strategies – Page 29
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Interviews
Munsters targets pension market
Robeco is boosting its efforts to cater to the Dutch pensions industry. This is not a huge surprise, considering the fact that CEO Roderick Munsters joined the asset manager from pension giant APG, Mariska van der Westen and Liam Kennedy write
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Special Report
Local supporter
Nina Röhrbein finds out how the Minneapolis-based Community Reinvestment Fund is helping to funnel capital into distressed urban communities
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Features
Pension funds – future farmers
Pirkko Juntunen records the growing popularity of farmland investment in the developing world
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Features
In the centre of things
Iain Morse finds private equity limited partners in central and eastern Europe hungry for long-term capital
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Interviews
Beware falling knives
The Mudrick Capital Management project was set in motion in 2008 to take advantage of a once-in-a-lifetime opportunity – “the largest supply of over-leveraged corporations ever seen” combined with the most severe recession since the 1930s “has kicked off a distressed cycle that will be unprecedented in terms of length and depth of supply”, its website declares.
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Special Report
Fiduciary/Delegation: Hedge fund beta: a cheap core portfolio?
If the trend is towards core-satellite hedge fund portfolios, what does that mean for resource budgeting? It is tempting to see this as a passive-active portfolio – why would an investor not wish to maximise her budget for the active part and minimise her budget for idiosyncratic risk, illiquidity risk and, of course, costs, in the passive part? This is the argument behind ‘hedge fund beta’ – investable indices, ETFs, super-diversified funds of funds and quantitative, hedge fund replicators.
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Special ReportPortfolio Construction: Three Blind Mice
Accounting for fat tails of individual instruments is not the same as managing those tails at portfolio level. Svetlozar (Zari) Rachev and Georgi Mitov explore how advanced copulas might address the problem of fat tails, dependence models and portfolio risk
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Special ReportPortfolio Construction: It’s the economy, stupid
Efforts to diversify have for too long assumed that we live in non-cyclical economies, and ignored the mix of economic factors that drive asset-class risk. Lynn Strongin Dodds takes a tour of some alternatives
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Special Report
Portfolio Construction: Allocating risk, allocating time
Martin Steward talks to ex-FRR CIO Jean-Louis Nakamura about Lombard Odier’s volatility-driven allocation and its time-horizon tactical allocation process
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Special ReportPortfolio Construction: A question of skill
The hedge fund world is supposed to be about skill. But Martin Steward asks, if you use a fund of funds, what skills are you buying – and whose?
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Special Report
Portfolio Construction: The horrible handful
Raphael Douady outlines the top five investment risks that every investor in hedge funds should know about
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Features
Old structures on the way out
Iain Morse reports on the transformation taking place in the Italian custody market
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Opinion Pieces
Worse than it looks
The forthcoming loss of Jörgen Holmquist, director general, and David Wright, deputy director-general, two of the most senior and experienced officials from the European Commission’s division responsible for legislation for the banking, insurance, free movement of capital, pensions and capital reserves sectors is bad enough. But accusations that there is a shortage of personnel preparing a “crazy number of legislative initiatives” make the losses worse in this time of crisis.
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Interviews
Steady hand in a storm
These are interesting times at Copenhagen’s BankInvest. Its 20-strong global equities team was recently reduced to 17 as its head, David Dalgas, resigned, followed by chief portfolio managers Klaus Ingemann Nielsen and Kenneth Graversen. The team still boasts an average of 10 years’ experience, and it maintains that the resignations would not lead directly to changes in its (low turnover, fundamentals-based) global equity portfolios.
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Features
Survival of the fittest
Surviving the financial meltdown has left the strongest names ready to monopolise the wave of public and private sector refinancing. But Richard Hemming still finds that a return to the heady valuations of the pre-crisis unlikely
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Special ReportThe environment factor
Nina Röhrbein reports on the progress of sustainable real estate
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Special ReportPortfolio Construction: Broaden your horizons
On the hunt for truly diversified sources of risk, Martin Steward takes aim at different investment time horizons
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Asset Class ReportsUS Equities: Style bias
Joseph Mariathasan uncovers a wide range of strategies among top performers in US equities
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Special Report
Thematic Investing: Variations on a theme
There are as many definitions of thematic investing as there are thematic investors. Martin Steward asks how significant themes really are as drivers of managers’ risk
