Oregon’s OPERF charts progress in hedge fund overhaul

The $95.4 billion Oregon Investment Council has es
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TfL Pension Fund: A bespoke benchmark in Bridgewater mandate strikes gold

TfL Pension Fund: A bespoke benchmark in Bridgewater mandate strikes gold

Transport for London Pension Fund styled a bespoke benchmark to gold in its Pure Alpha mandate with Bridgewater. It has added hundreds of millions of pounds to the portfolio, says chief investment officer Padmesh Shukla. In a wide-ranging conversation, he also explains the rationale for reducing equity to just 18 per cent of the total fund and why emerging markets aren't offering the diversification or returns they used to.

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Managing volatility and inflation: Constant rebalancing shores up UK’s lifeboat fund

A keen focus on rebalancing, and best in class systems, allows the UK’s £31.2 billion Pension Protection Fund to effectively implement a dynamic hedging strategy for one of the UK's biggest LDI portfolios. Sarah Rundell reports.

Velliv reset: More Danish funds lean into low cost DC model

In Denmark’s fiercely competitive commercial pension industry, Velliv was quick to take action with a root-and-branch overhaul of its pension provision when it experienced a drop in returns in the first half of 2024. It sacked its active equity managers, scaling up internal active strategies and low-cost, index-based investments instead, and stopped allocating to its $4.3 billion alternatives allocation. Thor Schultz Christensen, deputy chief investment officer at Velliv, unpacks the change.

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”.

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