Biden’s focus: Climate, China and Jobs

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Inside the year-and-a-half-long review into ATP’s complicated portfolio

Inside the year-and-a-half-long review into ATP’s complicated portfolio

Danish pension giant Arbejdsmarkedets Tillægspension (ATP) has been urged to cull risk, establish formal portfolio benchmarks and reduce private markets exposures, according to an external review committee which handed down a 536-page report into the fund’s investment operations after an 18-month review. Following the release of the report by the board this week, co-author of the review Andrew Ang unpacks the findings with Top1000funds.com.

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Ohio sounds warning bells on PE liquidity logjam

Farouki Majeed, chief investment officer of the $23 billion Ohio School Employees Retirement System, has highlighted worrying signs in private equity that resulted from a backlog of exits, including industry murmurs that some GPs are having to borrow money to operate their business because LP fees are drying up. In an interview with Top1000funds.com, Majeed unpacks why its 12 per cent PE allocation is shielded from the rout.

Temasek likely to miss 2030 climate target dragged by aviation, energy investments

Temasek chief executive Dilhan Pillay says the sovereign investor is likely to miss its 2030 interim climate target, as exposures to the aviation and power generation sectors are crimping the investor’s ability to reduce portfolio target emissions. But the $339 billion fund is sticking to its net zero by 2050 goal, stressing the slower decarbonisation pace "reflects the realities of the broader global economy."

Funds SA cuts active risk as CIO puts stable beta first

Australia’s $36 billion Funds SA has slashed tracking error in its equities book and is reorienting its philosophy around stable beta, as chief investment officer Con Michalakis argues the role of alpha in a multi-asset portfolio needs a fundamental rethink.

CalPERS, NY pensions challenge SpaceX’s ‘unfireable’ CEO provision ahead of mammoth IPO

Three of the largest US pension funds, managing a combined $1 trillion in assets, have demanded a meeting with SpaceX executives ahead of its speculated blockbuster IPO warning that its proposed corporate plan could be “the most management-favourable governance structure ever brought to the US public markets”.

Australian allocators revisit China as AI race heats up

Top Australian allocators have conceded it is time to rethink the underweight positions to China which have characterised their portfolios, as the Asian superpower’s intensifying AI race with the US creates attractive opportunities.

La Caisse’s oil exit pays off as renewables portfolio pulls ahead of fossil fuels

Divesting from the oil sector has been a boon for La Caisse’s performance, as the Canadian pension giant says its energy investments have earned billions in value-add compared to the benchmark since the inception of its climate strategy. Head of sustainability Bertrand Millot unpacks the fund’s approach in an interview with Top1000funds.com.

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