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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London’s TfL takes ESG message to masses
The £11 billion TfL Pension Fund has released its first-ever annual sustainability report. The fund for public-sector transport workers hopes the report will help bring more members on board with its well-established ESG strategy and also make clear to its asset managers what it expects of them.
Coal bucks trend with focus on income
The £21 billion Coal Pension Trustees is targeting income and shoring up cash flows. CIO Mark Walker has a new bond portfolio in the works and is examining private debt and property closely. He’s also targeting onshore equities in China.
CERN risk appetite keeps assets liquid
The CHf4 billion CERN pension fund maintains a dynamic, tactical strategy that takes into account the market environment and the fund’s liabilities. Once risk levels are set, CIO Elena Manola-Bonthond tweaks and adjusts to stay on target, employing strict due diligence in areas such as private equity and hedge funds.
Austrian APK smells equity opportunities
Top-performing APK Pensionskasse is examining different regions and sectors, looking to increase its allocation to equity if markets decline in the second quarter. Chief executive Christian Boehm expects technological developments and geopolitical influences to affect markets, including in Europe’s financial sector.
Illinois looks inward for new portfolio
The $42 billion Illinois Municipal Retirement Fund is using its enhanced internal management capabilities to start a quantitative portfolio applying multifactor strategies. The strategy is designed to build some downside protection into the fund’s equities allocation.
PMT’s new index shakes up its equities
The €72 billion Dutch metal industry pension fund has developed its own benchmark that combines ESG, long-term returns and current beneficiaries’ sensibilities with its previous passive strategy. The index’s various criteria have screened out many companies PMT previously held and reduced its allocation to US equities.
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