Distressed Kentucky fund regroups
A struggling pension fund for Kentucky employees has cut back on hedge funds while remaining averse to long-term risk and hopeful of a better climate for US equities to help it recover.
AP4: Why a dynamic, shorter term allocation is paying off
Volatile markets have provided a rich hunting ground and opportunistic best ideas have come thick and fast for AP4’s new five-pronged global allocation made up of systematic equity, currency and rates, asset allocation, hedge funds/external mandates and analysis. Magdalena Högberg explains the risks and opportunities of the best ideas allocation.
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Finnish pension fund counters low rates
Finland’s €18.5 billion State Pension Fund (VER) will slightly increase its allocation to hedge funds, in order to counter the impact of low interest rates on its fixed-income holdings.
Behind Mass PRIM’s hedge fund portfolio
The US$60 billion Mass PRIM has recalibrated its hedge fund portfolio moving from fund of funds to direct relationships, reducing fees, and using managed accounts. So what’s next?
Hedge fund reality check
CEM benchmarking has shed light on the unattractive returns – largely due to high costs – and lack of risk protection afforded by most pension funds’ hedge fund portfolios
Costs cast increasing doubt over hedge fund relevance
The inability to scale hedge fund exposures and risks, has led many large investors, like CalPERS this week and ATP last year, to exit their hedge fund programs. Complexity continues to be a drain on the relevancy of hedge funds, but importantly cost is driving the agendas of these investors. As AQR’s Cliff Asness admits,
Why Sunsuper likes hedge funds
One of Australia’s largest superannuation funds, the $27 billion Sunsuper, is adamant that it gets value out of its large hedge fund program. This is against the grain in Australia, where many large funds (with the exception of the Future Fund) choosing not to invest in hedge funds. So why does Sunsuper favour hedge funds?
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