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Asset Allocation

External equity: A worry at Wellcome

The £26.8 billion Wellcome Trust continues to reduce its allocation to external equities managers as the investment committee focuses on currency exposures, ESG and hedge funds,the impact of low interest rates and the position of the credit cycle in 2020.
Asset Allocation

Why benchmarks matter

The choice of benchmarks is one of the most fundamental decisions that investors make, but the time and respect it gets in the investment process is under-valued according to CIO of Verus Investments, Ian Toner, who explains why investors should care more about benchmark selection.
Asset Allocation

Hawaii expands CRO strategy

The new CIO at the Hawaii state pension fund is looking for additional sources of uncorrelated return, including hedge funds, and will look to add new managers to the lineup. Sarah Rundell talks to Elizabeth Burton.
Asset Allocation

Ignore diversification: BCI’s Dunatov

Stefan Dunatov, head of investment strategy and risk at Canada’s $170 billion British Columbia Investment Management, says long term investors should forget about diversification at the strategic level and instead focus on buying growth beta assets.
Asset Allocation

Prince says diversify east and west

Bob Prince, co-chief investment officer of Bridgewater, says that institutional investors should consider diversification in the context of different economic exposures which could manifest in splitting portfolio allocations to the east and west. He advocates looking at diversification through the lens of macroeconomic conditions and cashflows related to the differences in economic regimes around the world.
Asset Allocation

Future Fund adds risk and liquidity

The Future Fund is adding risk to its portfolio, and focusing on liquidity, as part of a part of an ongoing strategy to free up more capital in the portfolio in the event of a drawdown. It is in the midst of selling off a “large slice” of private equity assets on the secondary market and has bought listed equities in emerging markets in the past year.
Asset Allocation

Alaska focuses on risk, cautious outlook

A year ago, the Alaska Permanent Fund appointed its first chief risk and compliance officer, Sebastian Vadakumcherry. With current investment conditions, and a move to a more conservative outlook, the relationship between Vadakumcherry and CIO, Marcus Frampton is proving its worth. We look at the fund’s approach to risk, its outlook for capital markets, and how data will give it an edge.
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