Comments for top1000funds.com http://www.top1000funds.com Investment Strategies for the World's largest Institutional Investors Mon, 30 Jan 2012 23:31:24 +1100 hourly 1 http://wordpress.org/?v=3.2.1 Comment on Do you get what you pay for? by AMANDA WHITE http://www.top1000funds.com/news/2012/01/27/do-you-get-what-you-pay-for/#comment-7696 AMANDA WHITE Mon, 30 Jan 2012 23:31:24 +0000 http://www.top1000funds.com/?p=7807#comment-7696 Thanks for your comment Chris. Clearly it is more complicated than a simple basis points/$ figure, particularly at fiduciaries where the board sets strategy and the role of the investment team is to implement. I also take your point about time frames. One of the enduring challenges for the industry across the globe is to think, and act, with only long term goals in mind. I'd welcome ideas on how we can challenge the industry, in particular service providers and stakeholders, to think like that - long-term mandates perhaps? Thanks for your comment Chris.
Clearly it is more complicated than a simple basis points/$ figure, particularly at fiduciaries where the board sets strategy and the role of the investment team is to implement.
I also take your point about time frames. One of the enduring challenges for the industry across the globe is to think, and act, with only long term goals in mind. I’d welcome ideas on how we can challenge the industry, in particular service providers and stakeholders, to think like that – long-term mandates perhaps?

]]> Comment on Do you get what you pay for? by Chris Ailman http://www.top1000funds.com/news/2012/01/27/do-you-get-what-you-pay-for/#comment-7695 Chris Ailman Mon, 30 Jan 2012 23:21:55 +0000 http://www.top1000funds.com/?p=7807#comment-7695 David Villa and Charles Cary are both with Public Funds. While you point out people will always disagree, one does have to ask if the CIO had full discretion over Asset Allocation and risk appetite. It certainly isn't level across these funds. I realize it's the most recent time period, but would you ever use the data from 1928 to 1932 to measure someone's performance? David Villa and Charles Cary are both with Public Funds.

While you point out people will always disagree, one does have to ask if the CIO had full discretion over Asset Allocation and risk appetite. It certainly isn’t level across these funds. I realize it’s the most recent time period, but would you ever use the data from 1928 to 1932 to measure someone’s performance?

]]> Comment on NY funding controversy spurs pension reforms by John Bond http://www.top1000funds.com/news/2011/11/23/ny-funding-controversy-spurs-pension-reforms/#comment-6737 John Bond Wed, 23 Nov 2011 16:33:23 +0000 http://www.top1000funds.com/?p=7130#comment-6737 The "independent" pension board as currently proposed will have representation by both the Comptroller and the Mayor's Office, so it does not seem that it will be either independent or apolitical. Further, the proposal grants full investment discretion to an appointed Chief Investment Officer, and seeks to do away with all procurement rules. These together effectively grant more power to the CIO than the sole trustee system of NY State that many have been seeking to change given the potential for abuse. The pension reform goes the wrong way and eliminates many of the checks and balances that are inherent in the NYC System, notwithstanding their complexity. Pension Staff should not report solely to one elected official, but the reform as proposed creates more issues that it solves. The “independent” pension board as currently proposed will have representation by both the Comptroller and the Mayor’s Office, so it does not seem that it will be either independent or apolitical. Further, the proposal grants full investment discretion to an appointed Chief Investment Officer, and seeks to do away with all procurement rules. These together effectively grant more power to the CIO than the sole trustee system of NY State that many have been seeking to change given the potential for abuse. The pension reform goes the wrong way and eliminates many of the checks and balances that are inherent in the NYC System, notwithstanding their complexity. Pension Staff should not report solely to one elected official, but the reform as proposed creates more issues that it solves.

]]> Comment on Keynes and the character required for a long-term view by Chris Condon http://www.top1000funds.com/insider/2011/11/16/keynes-and-the-character-required-for-a-long-term-view/#comment-6711 Chris Condon Wed, 16 Nov 2011 21:25:00 +0000 http://www.top1000funds.com/?p=6060#comment-6711 Nice article Amanda.  You are correct in observing that ignoring peers and focusing on absolute member outcomes takes courage.  And it is hard to find anyone that would take a contrary view.  But these sentiments are rarely reflected in actual behaviour.  The more all of us think about why this is the case and act to influence the industry to change in this direction, the better.  Thanks you for showing this leadership. Chris Condon  Nice article Amanda.  You are correct in observing that ignoring peers and focusing on absolute member outcomes takes courage.  And it is hard to find anyone that would take a contrary view.  But these sentiments are rarely reflected in actual behaviour.  The more all of us think about why this is the case and act to influence the industry to change in this direction, the better.  Thanks you for showing this leadership.
Chris Condon 

]]> Comment on Investors see the forest for the trees by Angus MacNee http://www.top1000funds.com/news/2011/06/15/investors-see-the-forest-for-the-trees/#comment-6151 Angus MacNee Mon, 22 Aug 2011 00:27:00 +0000 http://www.top1000funds.com/?p=3798#comment-6151 I agree it is important to diversify towards ecosystem services and other environmental products derived from forestry ecosystems, however, it is equally or more important to have a clear strategy to monetise those products now and into the future. - Angus MacNee (CEO, Citola Group plc) I agree it is important to diversify towards ecosystem services and other environmental products derived from forestry ecosystems, however, it is equally or more important to have a clear strategy to monetise those products now and into the future. – Angus MacNee (CEO, Citola Group plc)

]]> Comment on Back to the future: short-selling ban lambasted by Max Ryerson http://www.top1000funds.com/news/2011/08/17/back-to-the-future-short-selling-ban-lambasted/#comment-6150 Max Ryerson Sun, 21 Aug 2011 23:43:00 +0000 http://www.top1000funds.com/?p=4754#comment-6150 Really enjoyed this article Really enjoyed this article

]]> Comment on Are pension funds really long-term investors? by David Iverson http://www.top1000funds.com/insider/2011/08/17/the-prudence-of-pension-funds-is-called-into-question/#comment-5701 David Iverson Fri, 19 Aug 2011 03:50:53 +0000 http://www.top1000funds.com/?p=4777#comment-5701 What does it take to actually be a long-term investor? The best description of what it means to be a long-term investor I have seen is contained in a speech by David Denison (http://www.cppib.ca/files/PDF/speeches/Conference_Board_of_Canada_-_2010_Summit_David_Denison_-_FINAL_(April_13).pdf). If you have not come across this speech, David suggests the following preconditions to being a long-term investor. The list is not exhaustive. • an appropriate business model • a tolerance for volatility • rigour around portfolio construction • an enabling governance model • the design of the investment process How many funds are capable of meeting these? What does it take to actually be a long-term investor?
The best description of what it means to be a long-term investor I have seen is contained in a speech by David Denison (http://www.cppib.ca/files/PDF/speeches/Conference_Board_of_Canada_-_2010_Summit_David_Denison_-_FINAL_(April_13).pdf).

If you have not come across this speech, David suggests the following preconditions to being a long-term investor. The list is not exhaustive.
• an appropriate business model
• a tolerance for volatility
• rigour around portfolio construction
• an enabling governance model
• the design of the investment process

How many funds are capable of meeting these?

]]> Comment on Capital ventures forth … cautiously by Chester Wickware http://www.top1000funds.com/insider/2011/02/23/capital-ventures-forth-cautiously/#comment-5292 Chester Wickware Sun, 14 Aug 2011 03:33:57 +0000 http://www.top1000funds.com/?p=2644#comment-5292 Thanks, great info. Thanks, great info.

]]> Comment on QSuper looks beyond benchmarks in remaking investment strategy by The Daily Brief « Oxford SWF Project http://www.top1000funds.com/profile/2011/08/10/qsuper-looks-beyond-benchmarks-in-remaking-investment-strategy/#comment-4527 The Daily Brief « Oxford SWF Project Wed, 10 Aug 2011 17:13:33 +0000 http://www.top1000funds.com/?p=4632#comment-4527 [...] very interesting to see what Brad Holzberger is up to [...] [...] very interesting to see what Brad Holzberger is up to [...]

]]> Comment on Bolivia to nationalise pensions by Financial Repression? | Brian M. Lucey http://www.top1000funds.com/news/2011/02/09/bolivia-to-nationalise-pensions/#comment-4035 Financial Repression? | Brian M. Lucey Sun, 31 Jul 2011 09:37:25 +0000 http://www.top1000funds.com/?p=2592#comment-4035 [...] the government make it extremely plain that they will not go down the road of recent countries. In Bolivia the government has nationalized pension funds, following the same path as Argentina. In Hungary the [...] [...] the government make it extremely plain that they will not go down the road of recent countries. In Bolivia the government has nationalized pension funds, following the same path as Argentina. In Hungary the [...]

]]>