articleFIS Digital 2020

Dangers in the next policy response

FIS 2020 Digital delegates heard how the monetary response has successfully managed many elements of the crisis so far. Getting the next phase of the policy response right, particularly navigating fiscal policy, will be more challenging.
articleFIS Digital 2020

Transition portfolios of stocks and cash

Forget traditional portfolios of stocks and bonds, in portfolios of the future, low yielding bonds could be ditched for cash suggest FIS2020 Digital panellists.
Fiduciary Investors Series

Ben Meng on leverage, liquidity and inflation at CalPERS

In this Fiduciary Investors series podcast Amanda White talks to Ben Meng, chief investment officer of CalPERS, the largest pension fund in the United States. Meng, who oversees an investment office of nearly 400 employees and manages investment portfol
articleFIS Digital 2020

Pandemic highlights operational risks

A combination of factors caused by the pandemic has created unprecedented operational risk for institutional investors, including increasing cyber risk.
articleFIS Digital 2020

Prepare for new Asia-led regionalism

Globalisation will be replaced by a new regionalism with Asia at its heart. Coupled with automation and AI increasingly replacing traditional labour-intensive production, emerging economies with a youth bulge face challenging time ahead, according to Ian Goldin, professor of globalisation and development, Oxford University.
COVID-19 Research Hub

Sustainable and inclusive: recovery

As policymakers consider policy interventions to support the recovery, investors should be engaging policymakers by providing technical expertise and allocating capital to sustainable investments. A new report by PRI presents a series of recommendations for investor policy engagement and indicative proposals for action.
ArticleGeopolitics

Kotkin’s mega trends: Deadends & despair

Political regimes around the world are stuck in a series of dead-ends and despair. Most importantly, the China-US relationship has hit a brick wall as their fundamentally different values and interests clash. Deterrents and robust policy is the only way forward, says Stephen Kotkin, professor in history and international affairs, Princeton University.
ArticleInequality

Duflo says credit ratings punish poor

Nobel prize winner Esther Duflo suggests institutional investors can help alleviate poverty by fostering new supply chains and looking beyond a country's credit rating. She said there is an "unacceptable" level of poverty amongst Africa Americans and Latinos who are keeping the US economy going but dying for it.
Top1000funds.com celebrates 1000 newsletters. This is what our readers had to say
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head of the Future of Finance Initiative, CFA Institute

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INVESTOR PROFILE
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Investor Profile

Active ESG focus pays at Norway’s OPF

Active equity has been the main driver of performance at Norway’s biggest municipal pension fund, the $11 billion Oslo Pensjonsforsikring, which uses the same exclusion list as Norway’s giant $1 trillion sovereign wealth fund.
Manager Relationships
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Manager Relationships

Oregon PE revamp shakes off GFC legacy

Oregon Investment Council has committed to investing $3 billion a year in private equity, with the smooth pacing strategy part a response to the fund’s overweight position to poor performing vintages as a result of its allocations before and after the GFC. The investor is also focusing on manager relationships with a focus on accessing new relationships and upsizing the best existing ones; and a new strategy that sees no provider in charge of more than 5 per cent of the portfolio.
Manager Relationships

India’s NIIF gathers steam

India’s new sovereign development fund has raised a further £1.3 billion, on top of the government's $3 billion, to finance domestic infrastructure and growth. Key to its success is the unique investor-owned structure, similar to Australia's IFM Investors, and generous co-investment terms.
Manager Relationships

Insurance giants push for more impact

The experience of the collaboration between six large US insurers to successfully invest in affordable multi-family rental housing is a lesson for any institutional investor looking to impact investing.
Manager Relationships

KLP shows the active side of passive

Norway’s fund for local government employees and healthcare workers, KLP, abides by strict internal ESG principles. Sarah Rundell looks at how this translates to investments in emerging markets, its view of indexes and a concentration of manager relationships.
Sustainability
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articleSustainability

Robeco hails the power of stewardship

Global asset manager Robeco has found proactive stewardship triggers important changes in corporate behaviour. Chief executive Gilbert van Hassel urges FIS 2020 Digital delegates to do the same.
articleSustainability

Purpose set to drive investment

Investors should use stewardship to encourage purposeful companies that provide long-term value by meeting the needs of multiple stakeholders and helping improve society. But what is a purposeful company?
articleSustainability

FIS 2020: A sustainable recovery?

In our second feature looking ahead to FIS 2020, we highlight how the conference will focus on growing calls for a sustainable recovery and purposeful companies. Nobel prize winner Esther Duflo will talk on solutions to inequality, magnified during the pandemic.
Sustainability

Finance industry behind no tobacco

The World Health Organisation's director general, Tedros Adhanom Ghebreyesus has called the Tobacco-Free Finance Pledge the missing piece in the fight against tobacco. Credit Agricole and Amundi Asset Management have become the latest signatories to the pledge, in what is a timely decision ahead of World No Tobacco Day on Sunday.
Equities
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Equities

Markets remain fragile

A risk management strategy that measures resilience and fragility of markets, protected portfolios from the wild February downswing in equity markets, and predicts more fragility to come.
Equities

The importance of governance in a crisis

From December to mid-March of this year New Zealand Super lost 20 per cent of its assets. It’s the second time in less than 18 months the fund has experienced a significant drop in assets but in an example of how good governance and process can allow for counter cyclical behaviour the fund is now buying equities.
Equities

A new route to minimising volatility

Defensive equity investment strategies are nothing new, but a key issue with many is that defensive does not necessarily mean low volatility. Scientific Beta looks at a strategy to target both goals, using robust low volatility controls to create a new defensive index for the volatility-averse investor.
Equities

France’s FRR prepares to ramp up equity

The French SWF, FRR, is preparing to invest more in equities and illiquid assets as important reforms extend its time horizon. With the coronavirus crisis delaying the asset allocation decisions the fund is operating in an "intermediate context", slowly shifting out of bonds and into equities.
FIDUCIARY INVESTORS SYMPOSIUM HARVARD
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FIS Harvard 2019

Modern slavery needs investor action

Asset owners and managers can help solve modern slavery and invest to stem the suffering of the 40.3 million workers in the world trapped in some form of labour abuse.
FIS Harvard 2019

Impact investment continues to evolve

Impact investment and its combination of financial returns and social or environmental purpose is beginning to move from fringe to the financial mainstream in part because the long-held concept that investment should only maximise shareholder value is beginning to fade.
FIS Harvard 2019

SDG 16: How to invest in peace

Investment in the 17 SDGs is growing, but SDG 16, and its call to promote peaceful and inclusive societies for sustainable development, gets the least investor attention. Yet the idea that investors can mobilise their capital to nurture peace is wholly possible.
FIS Harvard 2019

Biomedicine’s long and risky road

Startlingly few institutional investors have allocations to life sciences. An informal poll of 85 asset owners from 20 countries responsible for a combined $9 trillion assets under management gathered at the Fiduciary Investors’ Symposium at Harvard University, found only a tiny handful active in the sector. Yet allocating to biotech makes an important contribution to society - investing in the sector can help change lives.
FIS Harvard 2019

CalPERS hunts for third pillar PE teams

CalPERS is conducting searches for outside partners to run its new Pillar III private equity program focused on venture capital investment in life sciences, technology and healthcare.
Asset Allocation
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Asset Allocation

New AA model prioritises liquidity

Singapore’s sovereign wealth fund GIC and PGIM, one of the world’s largest asset managers, have collaborated to develop a world-first asset allocation framework that explicitly models the impact of private assets on total portfolio liquidity, incorporating both the top-down allocation view and the bottom-up cash flow view.
Asset Allocation

What past market crashes teach us

Looking back at the portfolios of large institutional investors during and after the dot.com crash and the GFC, CEM Benchmarking, reveals commonality in the portfolios that thrived. For both events the top quartile returns were more than 2 per cent higher than the bottom quartile. Analysing the asset allocation and behaviour of investors showed two clear themes: top quartile performers had more defensive allocations pre-crash; and rebalancing is a tailwind for performance.
Asset Allocation

Wisconsin leans into opportunities

In the space of three months the State of Wisconsin Investment Board has moved its portfolio from “defensive” to “offensive” as it “leans into the opportunities” presented by the coronavirus crisis. CIO and executive director David Villa, and deputy, Rochelle Klaskin spoke to Amanda White about the portfolio and how the large internal team is managing remotely.
Asset Allocation

Korean fund faces unique challenge

The KRW14.3 trillion ($12 billion) Korea Public Officials Benefit Association is sitting on more than 10 per cent cash, but in a unique challenge due to the coronavirus crisis, it is having trouble deploying capital. Amanda White spoke to CIO, Dong Hun Jang, about the options including listed alternatives and distressed opportunities.