Positive stock and bond correlation will make portfolios more volatile

In a positive stock-bond correlation world, balanc
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Rest Super’s selective approach to PE pays off as program comes of age

Rest Super’s selective approach to PE pays off as program comes of age

A concentrated bet on fewer, better GP relationships is paying off for one of Australia's largest superannuation funds. Built on selective manager and deal selection rather than a broad roster, the A$112 billion ($78 billion) Rest Super delivered private equity returns more than double the peer average last financial year, as the fund proactively courts top-tier PE firms instead of waiting to be approached.

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Wisconsin’s data solution

David Villa, CIO of the $110 billion State of Wisconsin Investment Board is worried about the outlook for returns. As a result he’s significantly underweight sovereign bonds in favour of cash. But he’s also positioning the organisation to do better analytics for more complicated portfolios, another result of a low return environment. The fund is working on at least five data and technology projects and has hired a chief technology and operations officer.

Strategic factor investing

Institutional investors should consider factor investing as a strategic decision, according to a new paper from Dirk Broeders at Maastricht University and Kristy Jansen from Tilburg University.

Swiss plump for alternatives

The Swiss pension sector has always been characterised by a balanced investment mix but an important trend is emerging - funds are increasing their allocations to alternatives.

CalPERS benefits from income allocation

CalPERS traded $55 billion in fixed income securites last financial year as it implemented its new internal structure apportioning fixed income assets across three groups: treasuries, spread and high yield. The asset class returned 9.6 per cent for the year.

Texas’ ERS eyes hedge fund start-ups

The Employees Retirement System of Texas is looking to allocate more capital to start-up hedge funds and take ownership stakes after backing Cinctive Capital Management in New York.

Is factor investing still working?

A large number of long-only multi-factor strategies have performed disappointingly over the past three years. Some have called into question the usefulness of solutions based on factor diversification but recent research by EDHEC suggests this doesn’t hold up against an even remotely serious investigation.

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