Factors trump skill: MSCI
MSCI research has shown that, among top-performing funds, more than half of active returns come from factors, rather than manager skill, and style factors have the biggest impact.
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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Equity risk premium appears intact
The equity risk premium will reflect long-term averages, based in part on a Financial Analysts Journal article that shows buybacks are now top drivers of equity returns, replacing dividends.
MSCI finally adds China to indices
MSCI’s long-awaited decision to include China’s A shares in its emerging markets and ACWI indices will affect more than $1.6 trillion in funds that track the MSCI Emerging Markets In
From bonds to equities for GPIF
Since 2014, the Government Pension Investment Fund, the world’s largest investor, has shifted a chunk of its holdings, in domestic bonds to equities, and heightened its focus on stewardship.
LD innovates on equities, fees
Danish pension fund Lønmodtagernes Dyrtidsfond has embraced innovation, introducing four buckets for a more dynamic equities portfolio and co-investing with peers to get top value for fees.
UTAM favours equities, private credit
The University of Toronto Asset Management Corporation adopts passive moves into US equities, active allocations to international shares and select opportunities in private credit markets.
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