July 20, 2017
The board of the United States’ largest pension fund calls in the experts as it considers applying leverage in its portfolio, part of efforts to improve a 68 per cent liability-funding ratio.
In recent years, bonds have been a life raft when equity markets have fallen. But this negative correlation is not a given. To prepare for the next crash, investors need a robust, tailored plan.
An analysis of 218 Dutch pension funds has shown that paying performance fees has little impact on performance. Size of fund and specialisation were deemed more important for net returns.
A body of research demonstrates that a shift in mindset towards asset owners working together, while still maintaining genuinely productive competition, pays off for all stakeholders.
MSCI research has shown that, among top-performing funds, more than half of active returns come from factors, rather than manager skill, and style factors have the biggest impact.
Academics at Switzerland’s University of St. Gallen find that governance is positively related to both excess and risk-adjusted net returns but only marginally related to funds’ asset choices.
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