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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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NBIM lays out case for real estate turnaround

Norge Bank Investment Management chief executive Nicolai Tangen conceded the $2.1 trillion fund is “not satisfied” with the performance of its real estate portfolio, as weakness in the asset class was a main contributor to three consecutive years of negative relative returns. All eyes are now on whether its overhauled strategy, which includes new structures and sector composition, can turn things around.

Dutch transition: APG leans into data, IT and communication

APG has successfully shifted its smaller pension fund clients to the new defined contribution pension system and now begins the huge task of moving the giant ABP as well. The defined contribution system has many implications including shedding more than 1000 staff at APG and moving investments more into riskier assets.

AP2: SEC ‘no-action’ rollback could send more shareholder proposals to vote

AP2 has voiced its concerns around what impact the shift in US shareholder proposal exclusions, or the so-called “no-action letter” change, will bring to sustainability-conscious investors, as the Swedish buffer fund gears up for a busy year of engagement in 2026.

Canada to allow retail contribution to new SWF

Canada has established its first national-level sovereign wealth fund with a seed of C$25 billion ($18.3 billion) to underwrite “nation-building” projects like ports, mines and energy infrastructure. In an unusual funding mechanism, the fund will issue a retail product that will allow individual investors to invest with the SWF and “participate in Canada’s growth”.

NPS raises hedging ratio as Korea’s capital outflows weigh on won

South Korean investors’ pursuit of offshore investments has become a significant source of won weakness and triggered a shift in hedging rules for the $1 trillion National Pension Service. With an overseas asset exposure greater than Korea’s national foreign reserves, NPS’ move demonstrates the scale of impact FX risks can have on portfolios.

NY Common joins allocator push on company AI transparency

The $273 billion New York State Common has upped the pressure on portfolio companies to report on how artificial intelligence usage is contributing to layoffs, as AI governance becomes a growing focus in the proxy voting and engagement activities of asset owners.

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