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Asset Allocation
University of California: Less is more and simple is better in investing
Jagdeep Singh Bachher, the CIO who oversees the University of California's $198 billion in pension and endowment assets, says that he wants to keep investment simple as the fund removed its hedge fund allocation completely, conceding "it’s not one of the things we are good at doing".
Equities
New study flags risk in Dutch pensions’ concentrated stock strategy
Under strict ESG guidelines and pressure to closely engage with their investee companies, Dutch pension funds have developed an affinity for concentrated equity allocations with some owning as few as 65 stocks in their entire portfolio. But the Erasmus University flagged the diversification risk and higher volatility the strategy introduces.
Organisational Design
Change management in action: CalSTRS lays out how it’s integrating AI
In a recent board meeting, CalSTRS staff outlined how they are integrating AI into the investment process in line with its commitment to be an early adopter of the technology, including writing a set of generative AI policies and guidelines, conducting a cost-benefit analysis and identifying scalable use cases.
Technology
Large language models to spark ‘sea change’ in investment analysis
Andrew Lo, finance professor at the MIT Sloan School of Management, believes large language models can bridge the gap between fundamental and quantitative investing in a way that was unfathomable five or 10 years ago, and create ‘quantamental’ investment strategies which would bring together the best of both worlds.