Stable value at TRS proves ballast in extraordinary times

The Texas State Capitol building in Austin

Texas Teacher Retirement System, the $211.6 billio
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US endowment returns rocket on SpaceX windfall

US endowment returns rocket on SpaceX windfall

Early venture bets on SpaceX have ballooned into major portfolio positions at some US university endowments, with new analysis estimating the aerospace firm contributed as much as 10.6 percentage points to annual returns. Michael Markov, founder of US quantitative researcher Markov Processes International, says the windfall is now creating a concentration risk that investors cannot ignore.

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South Korea’s NPS pivots to sustainability, dials up risks in the portfolio

After smashing the return record again in 2024, South Korea’s state pension fund National Pension Service is gearing up to reduce coal investments to promote sustainability in the portfolio, and target riskier assets to ensure sustainability in funding.

Looking beyond the confines of geography in global investing

A growing number of asset owners are looking to decrease their allocation to equities, citing elevated risk, based on findings from the 2025 CIO Sentiment Survey, a collaboration between Top1000funds.com and Deloitte management consultancy, Casey Quirk.

Wellcome Trust’s cautious approach: Cash pile grows waiting for opportunity

Wellcome Trust is holding nearly 10 per cent of its £37.6 billion portfolio in cash and bonds as it waits for sufficiently interesting long-term investment opportunities to arise - namely a big fall in public equities that would absorb large-scale funds quickly.

Switzerland’s MPK taps gains in gold, equity and real estate

Stephan Bereuter, CIO of Switzerland's Migros-Pensionskasse (MPK) explains why he favours gold, and argues that after three years in the doldrums core real estate opportunities are starting to open up.

Lessons in governance at Alaska’s APFC

At a recent board meeting, trustees at Alaska's sovereign wealth fund APFC garnered insights on governance from recent turmoil at PSERS' and Ohio State Teachers.

OMERS positions to buy, favouring North America

Only two years into the top investment job at OMERS, Ralph Berg has made his mark, dramatically re-engineering the investment programs, adjusting the geographical focus and getting ready to buy as M&A markets open up. Amanda White reports.

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