Better beta bets pay off for UTAM
The $6.6 billion University of Toronto Asset Management made some significant active tilts last year resulting in the return on the university’s main portfolio exceeding target return by about 10 per cent. Amanda White spoke to president and chief executive, Bill Moriarty.   Last year was a reasonably easy environment in which to make better beta bets, says University of Toronto Asset…

Are there enough credit opportunities to go around?
Investors are all talking about the same thing –that alpha will come from selective opportunities and implementation techniques within sectors, and the next year will be less about strategic or beta bets. Specifically credit opportunities remain front and centre of the collective investors’ radar. Managers, it turns out, are all also talking about the same thing – unconstrained fixed income – which is the all-encompassing version of what investors are looking at. But, at least from what I see, investors want to be opportunistic and nimble, which raises the question of whether there are constraints within the confines of an unconstrained mandate? At…

UPS pension fund’s opportunistic future
The United Parcel Service corporate pension fund is finalising an asset liability study this year which will result in a new strategic asset allocation. The $28 billion US fund, typically has a lower allocation to fixed income than its peers and has a reasonably aggressive portfolio for a corporate defined benefit fund. It is a young, open plan with a low payout…

What consolidation means for the AP funds
The five Swedish AP buffer funds will be reduced to three, a new responsible body will be set up to formulate long-term return targets and a reference portfolio, and limits on unlisted investments will be lifted under the new plan put forward by the Swedish Government. These are the findings of The Pension Group, which is tasked with maintaining the pension…

Predicting equity returns with rising rates
The impact of higher rates on equity returns is a concern for investors and to some extent an unknown. But by applying the concept a threshold correlation, as done with bond portfolios with a duration targeting framework, it is possible to better understand the complex interactions between equity returns and interest rate movements. The latest portfolio strategy research paper by Morgan…

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Given the importance of equity risk premium, it is surprising how haphazard the estimation of equity risk premiums remains in practice. This [more]
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How to estimate the equity risk premium

Given the importance of equity risk premium, it is surprising how haphazard the estimation of ... [more]

Better beta bets pay off for UTAM

The $6.6 billion University of Toronto Asset Management made some significant active tilts last year ... [more]

Are there enough credit opportunities to go around?

Investors are all talking about the same thing –that alpha will come from selective opportunities ... [more]

Integrating ESG in private equity

The PRI has launched a guide for ESG integration among general partners in private equity,  ... [more]

UPS pension fund’s opportunistic future

The United Parcel Service corporate pension fund is finalising an asset liability study this year ... [more]

Risk parity and beyond

This paper analyses whether the use of uncorrelated underlying risk factors, as opposed to correlated ... [more]

What consolidation means for the AP funds

The five Swedish AP buffer funds will be reduced to three, a new responsible body ... [more]

Predicting equity returns with rising rates

The impact of higher rates on equity returns is a concern for investors and to ... [more]

The power of innovation

From allocating assets in order to achieve a healthy funding status, to keeping up with ... [more]