This new paper by Rob Bauer, Martijn Cremers, and Rik Frehen uses the CEM pension fund data set to document the cost structure and performance of a large sample of US pension funds. It finds that small-cap mandates of defined-benefit funds have outperformed their benchmarks by about 3 per cent per year. Concluding that while
China will continue to encourage capital flows into the country that emphasise technology and environmental impact, according to Jin Liqun, chairman of the board of supervisors of the $200 billion China Investment Corporation (CIC).
The second meeting of the International Forum of Sovereign Wealth Funds (IFSWF) will take place in Sydney this week, with senior representatives from more than 20 funds discussing subjects including active versus passive investing and strategic challenges in post-crisis investment markets.
The investment and hedging performance for the first quarter of this year means the DKK 660 billion ($114 billion) Danish ATP is on target to reach its five-year performance objective which will end this year.
This paper by RogersCasey’s Ryan Dembinsky and Srivatsa Kilambi demonstrate the “inflation/deflation continuum” is a way of assessing an investment program’s vulnerability to the dual threats, and competing forces, of inflation and deflation. The paper presents a framework whereby investors can plot their existing asset classes and assess where there may be holes.
A truly diversified portfolio will have 15 separate asset class allocations with an emphasis on beta opportunities and little to no reliance on active management, according to a Towers Watson’s model.
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