Investors mull UK equity tilt on Brexit
Senior investment director on Cambridge Associates' global investment research team, Michael Salerno, analyses the impact of Brexit on UK equities, the British pound and tactical asset allocation.
Texas ERS reallocates to managers to help navigate concentrated equity market
Texas ERS' CIO David Veal says the fund is re-allocating around a quarter of its public equity portfolio to external managers, away from the internal team. ERS plans to upsize with existing fundamental mandates but also allocate to new incremental relationships with diversifying strategies.
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UK’s CEPB favours private markets
The UK’s £2 billion Church of England Pension Board, the pension fund for church clergy has changed strategy, slashing its equity portfolio in favour of private markets in a bid to seek stronger returns, income and a shelter from equity volatility.
Austrian APK smells equity opportunities
Top-performing APK Pensionskasse is examining different regions and sectors, looking to increase its allocation to equity if markets decline in the second quarter. Chief executive Christian Boehm expects technological developments and geopolitical influences to affect markets, including in Europe’s financial sector.
Illinois looks inward for new portfolio
The $42 billion Illinois Municipal Retirement Fund is using its enhanced internal management capabilities to start a quantitative portfolio applying multifactor strategies. The strategy is designed to build some downside protection into the fund’s equities allocation.
South Dakota takes risk to bottom rung
The $14.2 billion South Dakota retirement system is sitting on cash and T-bills to hedge against equity-type risk seeping into its portfolio. The fund remains opportunistic and won’t rule out fossil fuels.
Private capital opportunities grow
It’s been said the “public market is quickly becoming a holding pen for massive sleepy corporations”. This has investors taking more late-stage stakes in private companies as perceived risks ebb.
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