Hit by last year's unusual correlation between equities and bonds, and in a bid to avoid higher long-term inflation, Switzerland's €45.6 billion Publica kick-starts a new strategic asset allocation that will reduce the bond allocation and result in a search for new managers.
In contrast to other investors, AP4 invests the vast majority of its hedge fund allocation with emerging managers in a strategy it believes taps both outperformance and lower fees. We look at how it spots talent and what strategies it focuses on.
Dutch funds are feeling the squeeze of private equity fees, especially as beneficiaries face a cost of living crisis. Pensioenfonds PGB spends less on fees than others but CEO Harold Clijsen questions the options open to investors.
In a recent webinar hosted by the Journal of Portfolio Management, Mark Anson, CIO and chief executive of the $28 billion Commonfund, reminded alternative investors of the importance of lagging beta, an essential consideration in portfolio construction and risk allocation.
Investors may have to fundamentally rethink their return and risk expectations with experts arguing there are signs that stock and bond return correlations could turn positive and stay that way for years or even decades.
Inflation woes dominated at a recent TRS board meeting. However the Texas-based fund, one of the few remaining investors in fossil fuels, has benefited from its allocation to energy and is currently eyeing opportunities in natural gas infrastructure as US producers gear up to supply global demand in Russia's absence.
An overweight position in real assets and private equity, and an underweight to equities and bonds positioned the Ohio School Employees Retirement System for success in the last year but CIO Farouki Majeed is now even more convinced a stagflationary environment is likely and is positioning the fund accordingly.
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