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Research

Capitalising on institutional co-investment platforms

Co-investment is often perceived as referring to institutional investors investing alongside their external asset managers in companies, but increasingly it refers to investment responsibilities being shared among peer investors, as long-term institutional investors are forming co-investment partnerships with the specific objective of deploying capital collaboratively into attractive investment opportunities. These collaborative partnerships seem to be an […]
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GRESB infrastructure launch

A new infrastructure sustainability benchmark has been developed by a group of eight institutional investors, alongside GRESB, to enable systematic evaluation and industry benchmarking of the sustainability performance of their infrastructure assets.   Despite large and widespread allocations by Canadian and Australian pension funds to infrastructure, institutional investors globally do not have large allocations to […]
Research

State pension funds tilt towards politically-connected stocks

It is well documented that local bias exists in US state pension fund holdings, but now an article in the Journal of Financial Economics (forthcoming) finds evidence not only of local bias, but bias towards politically-connected stocks.  Not only that, but the article finds that political bias is detrimental to fund performance. “Political bias is […]
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Frozen by the entanglement of risk

Equity prices in continental Europe and emerging markets, including China, are below fair value, and present an opportunity for investors, but the ‘entanglement of risk’ in current markets is making Brian Singer, partner and head of dynamical allocation strategies team, William Blair cautious. William Blair typically targets around 10 per cent volatility in its portfolios, […]
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Exchanges need to adapt to institutional demands: Norges

Institutional investors now dominate the free float holdings of listed companies and exchanges need to adapt to this enduring change in market structure and investor needs, according to Norges Bank Investment Management, manager of the $818 billion Norwegian sovereign wealth fund. Norges Bank, which itself owns around 1 per cent of the world’s listed stock, […]
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Dalio says Fed should focus on secular forces

The US Federal Reserve is not paying enough attention to secular forces affecting the market, according to chairman and founder of Bridgewater, Ray Dalio, who says the “risks of the world being at or near the end of its long-term debt cycle are significant”. In an opinion piece posted on LinkedIn, The Dangerous Long Bias […]
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