Become a member and subscribe Login

Coal pension burns for cash flow

Stefan Dunatov, Chief Investment Officer at Coal Pension Trustees Services, on 18 October 2016 in London, United Kingdom.

Sarah Rundell

March 13, 2017

Investment strategy at the United Kingdom’s Coal
Continue Reading

A Top1000funds.com subscription unlocks the full article

Join the global institutional investment platform read by the world's largest asset owners, fund managers and consultants.

New here

Create an account

Complimentary to register. We'll verify your details and grant access to the archive, our newsletters and the Asset Owner Directory (enhanced features coming soon).
Register now
Already a member

Sign in

Already activated your account? Sign in to continue reading and access your saved articles, preferences and member-only content.
Asset owners get permanent complimentary access. Learn more about memberships

, , , , ,

Asset Owner:British Coal Pension Schemes

One response to “Coal pension burns for cash flow”

  1. Tim MacDonald

    Is it correct to describe cash flow investments as “illiquid”? This implies they are not as good as investments that are “liquid”. Is that implied judgment prudent for pensions that are investing to generate adequate cash flows, forever, in order to keep their actuarial risk pools properly full and flowing, forever? I understand that liquidity is the raison d’être of securities trading. If you buy something at one price in hopes of selling it at some unknown future point in time to some unknown future buyer for an unknown but hoped-for higher selling price, you certainly do need a liquid market in which to sell. If you invest in enterprise cash flows, directly, in order to generate cash flows sufficient to support good stewardship, indefinitely, how important to that investment is a market-clearing price?

Leave a Comment

More from this fund

How CIOs are building portfolios for an unpredictable world

Darcy Song

June 16, 2026

China is getting its mojo back

Darcy Song

April 07, 2025

UK pension funds rue pressure to focus on the short term and group think

Sarah Rundell

December 06, 2024

The unique challenge of decarbonising real estate as the population grows

Jack Smith

November 21, 2023

Ohio STRS warns of higher US recession risk; prioritises liquidity

Ohio STRS warns of higher US recession risk; prioritises liquidity

The State Teachers Retirement System of Ohio has warned of a “material” increase in US recession risk compared to last year as the fund braces for a wider, “negatively skewed” distribution of outcomes in the next 12 months. It came as the mature plan, which is 81 per cent funded, is tilting to fixed income and new asset classes like liquid alternatives over equities.

Darcy Song

July 02, 2026

Long term lens shields Colorado from private credit jitters

Sarah Rundell

April 28, 2026

Chicago Teachers leans into diverse managers; exceeds targets

Sarah Rundell

April 16, 2026

Strategy and reporting under the microscope: Denmark’s ATP awaits review

Sarah Rundell

February 24, 2026

Texas Teachers’ CIO questions TPA, DAA value-add

Darcy Song

February 19, 2026

Sort content by

AIMCo makes private equity top priority

Canada's AIMCo is pushing innovation further, taking ownership stakes in energy groups and hedge funds, and going after private equity with renewed gusto.

Sarah Rundell

May 21, 2018

Florida SBA trusts long-term plan

Florida State Board of Administration CIO Ash Williams may modernise real-estate holdings or add Asia exposure, but he sticks to the long-term strategy – especially when tough times loom.

Sarah Rundell

May 14, 2018

Industriens seeks more in renewables

Fresh off a windfall from green-energy assets in Asia, Denmark’s $26.9 billion Industriens Pension is looking to employ the model in Africa and Latin America, where it has a track record.

Sarah Rundell

May 02, 2018

Denmark’s PKA goes for wind farms

The top-five Danish pension fund, PKA, has made a bigger push into alternatives than its peers, and a good chunk of that allocation comes from direct investment in offshore and onshore wind farms.

Sarah Rundell

April 09, 2018

ATP factors in many adjustments

Denmark's $126.9 billion ATP has excelled using allocations to risk factors such as interest rates and inflation, along with frequent tinkering - all based on a robust decision-making process.

Sarah Rundell

April 03, 2018

AP3 demands more from hedge funds

The Third Swedish National Pension Fund has cut back on hedge fund managers, citing cost, poor returns, and difficulty pinpointing the source of alpha for managers that have done well.

Sarah Rundell

March 28, 2018

Previous
Load more

Fiduciary Investors Podcast Series

Listen to Podcast

Subscribe now to

Become a member and subscribe

Join Now

Top1000funds.com is the market leading news and analysis site for the world’s largest institutional investors. It focuses on leading the global investment industry to continuous improvement through case studies of best practice in governance and decision making, portfolio construction and efficient portfolio management, fees and costs, and sustainable investing.

The publication pushes the industry to question whether status quo processes and behaviours to tackle risks and opportunities will be sufficient in the future, and actively campaigns for diversity, sustainability, transparency, innovation and better alignment of fees in the investment industry.

Top1000funds.com is read by investment professionals in more than 40 countries.

Privacy Policy | Terms of Service | Cookie Policy | AI Editorial Policy