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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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Korea Investment Corporation focuses on alternatives push

KIC is looking to boost its alternatives allocation - particularly private credit - both directly and through managers. Influenced by what it sees as an unfolding AI-led industrial revolution it is looking for opportunities in fast-developing sectors including AI, semiconductors and healthcare, and has opened an office in Mumbai.

Denmark’s ATP creates new overlays to manage future bond equity correlation

ATP's Christian Kjær explains the rationale behind two new overlays to better navigate the risk of future correlations between bonds and equities which wrong footed the risk parity investor in 2022.

CalSTRS’ Ailman talks GFC, climate risk and worrying levels of US debt

After 23 years in charge, CalSTRS departing CIO Chris Ailman has more stories from the investment frontline than most. He shares personal recollections of the GFC, his fears of the scale of the climate emergency and why worrying levels of US debt hold new risk and opportunity for investors.

Brunel keeps wary eye on markets and raises manager reporting duties

In a recently published review, Brunel Pension Partnership vows to “turn the screws” on managers and its holdings via increased RI expectations and warns that rosier economic forecasts of lower interest rates and tamed inflation may not come true.

PGGM revamps fixed income; focuses on liquidity

PGGM's Wilfried Bolt explains how the end of quantitative easing (QE) has changed the asset manager's hedging strategy and prompted a keen focus on liquidity. He also explains the rationale behind managing more of the corporate bond allocation in house.

Texas ERS boosts cash allocation as higher rates end era of dead money

Texas ERS has bumped up its allocation to cash to 10 per cent, and revamped its global equities around a core fund with an overweight to AI and other Magic Seven themes, drug manufacturers and aerospace. Another key development in equities includes reducing the number of stocks by half.

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