Investor Profile
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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CalSTRS takes on ExxonMobil
The $255 billion Californian pension fund, CalSTRS, has embarked on a new era of “activist stewardship” which will see it take on large companies such as Exxon Mobil which have not responded to shareholder engagement.
Behind OTPP’s net zero 2050 plan
Ontario Teachers' has launched its plan to reach net-zero portfolio emissions by 2050, the culmination of a decade of work by the fund in addressing climate change. Amanda White looks at the fund’s climate journey, which has significant lessons for other funds looking to move to net zero.
CalPERS: Lessons from CIO departure
The CalPERS board is considering whether to require a new CIO to transfer all of their personal stock holdings into a blind trust while they are a CalPERS' employee. The move follows the resignation of Ben Meng as CIO last year after an ethics investigation related to some of his personal investments.
Previ invests abroad as pandemic bites
Brazil's largest pension fund has been planning to invest more overseas for a while. Now economic travails in its home market due to the pandemic have stepped up the pressure to diversify.
Alecta sees real estate opportunities
Alecta’s head of real assets Axel Brändström took the helm a year ago. Charged with building out the real estate allocation in one of the most tumultuous years for the asset class on record, his eye is on e-commerce opportunities and allocations to assets not linked to GDP.
USS takes advantage of dislocations
The largest single pension scheme in the United Kingdom, USS, took advantage of the dislocation due to COVID in 2020 and has bought credit assets and increased inflation and interest rate hedging.
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